17:49 - 5.06.2024

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June 5, Fineko/abc.az. Today, more than 95% of the given loans are not insured, ABC.AZ quotes Zakir Nuriyev, the president of the Association of Banks of Azerbaijan.

Additions and amendments to the Rules of life insurance of the borrower against death & disability under loan agreements provided to individuals and the Rules of credit risk management in banks will provide access to various groups of the population, wishing to take out a consumer loan to life insurance on more favorable terms," Nuriyev said.

The ABA chairman added that currently more than 95% of the given loans are not insured: "The Central Bank is carrying out quite serious reforms in the financial sector, the sector is approaching a new stage of its development. The main goal is also to offer customers a life insurance product when receiving a loan. Today, more than 95% of loans given are not insured. But within 3 months, banks will integrate with insurance companies. These insurances will lead to lower interest rates on loans and credit risks."