15:24 - 23.07.2025

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July 23, Fineko/abc.az. The introduction of Islamic banking in the country is a large-scale task that requires taking into account all the details, risks and factors, as well as a preliminary assessment of demand for it, ABC.AZ reports, quoting CBA governor Taleh Kazimov as saying this at a press conference on the parameters of the interest rate corridor.

He noted that the formation of appropriate legislative measures for this banking model, conducting research and analysis is the work of not one Central Bank, but several organizations.

"Currently, the Central Bank, together with the Islamic Development Bank, is cooperating in the issue of sukuk. On this basis, a package of legislative acts is being developed. In addition, to study the demand for Islamic banking in the market, we are working on creating an "Islamic Window". We are creating an "Islamic Window" so that existing banks can offer deposit and credit products typical of Islamic banking, and thus determine the demand for this banking model.

According to an assessment conducted in 2022, the potential volume of loans offered by Islamic banking amounted to 300 million manats, which is an insignificant amount compared to the total loan portfolio of the sector. With the help of the Islamic Window, we plan to assess demand, but so far there is no obvious demand," Kazimov added.