Azerbaijan Develops Islamic Financing

It is possible that Azerbaijan will become a regional Islamic financing centre and play a significant role in boosting cooperation in Islamic banking with Persian Gulf and Central Asian countries.
introducing actively Islamic financing in Azerbaijan, the independent authority of the International Bank of Azerbaijan (IBA) on Islamic banking will begin its work in March, which plans to present six Islamic banking products to the market during the first phase.
The Islamic Corporation for the Development of the Private Sector (ICD) is also in talks to institute the first Islamic insurance company in Azerbaijan, Takaful.