Introduction of Islamic banking in Azerbaijan to be considered

Tue 13 April 2010 17:31 GMT | 22:31 Local Time

Text size: bigger smaller
18192

Elman Rustamov

Introduction of banking by Shariah principles is currently discussed in Azerbaijan, chairman of the Central Bank of Azerbaijan Elman Rustamov said.

He said the "introduction of Islamic banking in the country is being considered".
"But Azerbaijan has no legal or standard basis of the development of this direction. This is the matter. But we will consider it within the framework of the common strategy that is whether this is profitable for the Azerbaijani economy and population. If yes and the national mentality demands this form of banking, this issue will be considered",  Rustamov said.
Meanwhile, he noted that "our way is the classical way of development".

"Azerbaijani mentality successfully combines modernism and Europeanism. But the search continues and we will consider all ways of development", the head of the Central Bank of Azerbaijan said.

1news.az

See Also

Azerbaijan's GDP per capita reaches $9,000

Printer

Commentary

Most read articles

More from Economy

In The Region

Editor Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook