Azerbaijan and Islamic finance: Interview with Faig Mammdov, Special Adviser to the Chairman of the International Bank of Azerbaijan

Azerbaijan and Islamic finance: Interview with Faig Mammdov, Special Adviser to the Chairman of the International Bank of Azerbaijan

azerbaijan

The Muslim Central Asian countries (CIS) including Azerbaijan are fast opening up to the global Islamic finance market. After many years of brutal Soviet rule, Azerbaijan, the oil-rich Caspian country with a population of about 9 million and a member of the Jeddah-based Islamic Development Bank (IDB), is reaching out to Islamic finance, especially in the wake of the near collapse of the global conventional banking system as underlined by the credit crunch and the international financial crisis.

More importantly, Baku – the capital – is in the process of reviewing its legislation with a view to introducing laws to facilitate Islamic banking in the country.

Faig Mammdov, special adviser to the chairman of the International Bank of Azerbaijan (IBA), Jahangir Hajiyev, focuses on the current developments and future prospects for Islamic finance in the country and region.

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One response to “Azerbaijan and Islamic finance: Interview with Faig Mammdov, Special Adviser to the Chairman of the International Bank of Azerbaijan

  1. I’ve applauded Chairman Hajiyev for years on his building of IBA. I do want to stand up for the IBA about recent actions by the International Monetary Fund (IMF).

    The IMF just last month came out with a statement that seems highly critical of the Azerbaijani economy and IBA.

    The IMF discourages the IBA from any additional borrowing. The IMF also encourages the Central Bank of Azerbaijan to pay particular attention to IBA as part of the supervision of the banking system.

    Now, compare THAT to THIS:

    Chairman Hajiyev has led the bank to international prominence. In 2007, Business Wire reported that the bank had become a Founding Member of the World Economic Forum’s Community of Global Growth Companies.

    According to the article: “The International Bank of Azerbaijan is the first Global Growth Company (GGC) from the Caucasus and Caspian region. IBA was chosen because the bank is the strongest financial group in the Southern Caucasus region and has proven itself a standard-bearer for international best practices in financial services and diversified growth. . . As the only National Development Bank, IBA plays a unique role in stewarding diversification of the economy. It has led numerous investments in non-oil sectors such as financial services, infrastructure, technology and consumer services that are stimulating economic growth at home and accelerating Azerbaijan’s integration into the global economy.”

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