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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