17:39 - 7.10.2025

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October 7, Fineko/abc.az. Starting from next year, Islamic banking products will be presented to the financial market of Azerbaijan.

ABC.AZ reports that Rustam Takhirov, the director of the Department of Sustainable Development of the Financial Sector of the Central Bank of Azerbaijan, stated about this at the II Azerbaijan Halal Business Forum (AZHAB) in Baku.

He noted that the Department has identified a specific roadmap for implementation of this step-by-step strategy:

"This map can be divided into 4 main spheres: the first is definition of products to be used at the initial stage. For this, the CBA held discussions with banks, industry associations and experts, assessed customer requirements and market needs, and identified a list of products that can be applied. This stage has already been completed. A legal and regulatory framework is currently being developed to ensure introduction of these products. This includes amendments to the Civil Code, the Tax Code, the Law on Banks, and other regulations. These changes have been made to the banking sector, and feedback and suggestions from them are currently being collected. The CBA plans to complete these reviews and submit them to the intergovernmental approval stage by the end of the year. The third key pillar of the roadmap is capacity and knowledge building. This is a very important and crucial element. To this end, we have started cooperation with the relevant institutions of Turkey, Pakistan, Kyrgyzstan and other countries. In particular, a training program for CBA supervisors and regulators was organized jointly with the Central Bank of Pakistan. We plan to continue our activities in this direction."