Two issues must be settled to introduce Islamic banking in Azerbaijan, expert

Thu 15 April 2010 11:07 GMT | 16:07 Local Time

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First of all, this is creation of the legislative basis, second this is the preparation of staff, formation of the educational system in this sphere.

Introduction of banking affair by Shariah principles is real in Azerbaijan,doctor of economic sciences of Azerbaijan, Turkey and Russia, professor Zahid Mammadov on April 14.

He said there is a need to settle two issues for Islamic banking.
"First of all, this is a creation of the legislative basis, second this is the preparation of staff, formation of the educational system in this sphere. The second moment is important otherwise the situation can  turn abnormal when the Islamic banking will involve incompetent people which is inadmissible", Mammadov said.

He also noted that the issue of location of these financial institutions is also important because people's need for banking services by Shariah principles in Azerbaijani regions is different.

In conclusion, Mammadov said Islamic banking is successfully working not only in Muslim but also in most other countries of the world.

1news.az

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