12:34 - 8.12.2025

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December 8, Fineko/abc.az. (special news) Tourists from Muslim countries mainly use Islamic banking cards in Azerbaijan, ABC.AZ reports, quoting Ruslan Atakishiyev, the chairman of the Center for the Study of Economic Resources.

He added that all the cards that are currently used in transactions carried out by tourists from these countries are cards of Islamic banks: "Certain fees are charged during transactions. In Islamic banks, fundraising and other operations are conducted through current accounts that can be opened for any person, including through investment accounts."

The expert, commenting on the placement of funds on deposit in Islamic banking, noted that this process works on the mudaraba principle: "That is, when the population or entrepreneurs deposit money in Islamic banks on open accounts, they participate in profits and losses on the principle of partnership - this is a kind of deposit according to the rules of joint participation. For example, if a person has 1,000 manats and deposits them in an Islamic bank, the funds can generate income over the course of a year, depending on various affiliate rates. At the end of the year, the client receives his amount along with the dividend. Islamic banks also have cards, meaning debit cards are available."