Introduction of Islamic banking in Azerbaijan to be considered

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

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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.

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