Azerbaijan, Baku, April 13 / Trend I. Khalilova /
The Central Bank of Azerbaijan (CBA) continues to examine the implementation of the principles of Islamic banking, CBA chairman Elman Rustamov said.
"We do not have the regulatory base governing the development of this direction. I think that the introduction of Islamic banking will be considered within the overall development strategy of the banking system, and assessed how it is beneficial for the Azerbaijani economy," Rustamov said.
If the national mentality requires this form of banking services, the matter will be considered.
"But I think that after all our way is the classic form of the banking sector. Azeri mentality is very successful. It combines both modernism, Europeanism, as well as nationality. However, there is a search, as any model should be put to the test, Rustamov said.
Some Azerbaijani banks have already expressed their desire to implement the principles of Islamic banking, but because of the lack of appropriate supervisory and legal framework, the issue remains unresolved.
Islamic Development Bank also offered to the Central Bank of Azerbaijan to assist in the establishment of the Islamic bank in the country.