16:10 - 1.11.2024

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November 1, Fineko/abc.az. A local bank has applied to the Central Bank of Azerbaijan, regarding Islamic banking, ABC.AZ informs, quoting CBA chairman Taleh Kazimov as saying this at a press conference.

He noted that the CBA focused mainly on the issue of Islamic bonds (sukuk), and together with the World Bank began preparing relevant legislation.

"However, it will be difficult to implement the project without the participation of local banks, as they know the bond customers better. Negotiations are underway with banks to establish work in a test mode. First, the issue of sukuk is expected, and then the introduction of Islamic banking. The project will take 3-5 years. Our main goal is to increase financial inclusion and accessibility of finance," Kazimov emphasized.