ICD seeks to increase number of partner banks in Azerbaijan

The Islamic Corporation for the Development of the Private Sector (ICD) is holding talks with several more banks on cooperation.

Elvin Afandi, manager of the Corporate Strategy and Research division at the ICD, told Report.

However, he did not disclose which banks were involved. ICD"s current local partners are Rabitabank and TuranBank.

Afandi added that the development of Islamic banking in Azerbaijan could open up major opportunities for the country.

"Today, Azerbaijan does not have fully functioning Islamic finance legislation. Work is being carried out with the active participation of the Central Bank of Azerbaijan to develop this legislation. We, as the Islamic Development Bank Group, are providing our support and technical assistance. At the same time, work is underway, for example, on sukuk legislation. All these projects are ultimately aimed at building a legislative ecosystem for Islamic finance in the country. What will this bring to the country? Naturally, it will increase people's, entrepreneurs' and the private sector's access to alternative Islamic finance. It will also create conditions for attracting investment from other nearby countries. Countries such as the Gulf states and Indonesia have large amounts of liquid capital. For that capital to be invested in Azerbaijan, Islamic finance opportunities are essential. Once this legislation is in place, those funds will naturally flow here," he said.