12:22 - 23.10.2025
October 23, Fineko/abc.az. It is planned to introduce Islamic banking products in Azerbaijan through the Islamic finance window model in banks.
ABC.AZ informs that Rustam Takhirov, the director of the Department of Sustainable Development of the Financial Office at the Central Bank of Azerbaijan, stated about this at the event "Islamic Financial Forum 2025", held in Baku.
He noted that the CBA has defined its roadmap for the implementation of this model.
"The roadmap consists of several parts. First of all, independent experts will define Islamic finance products through the Islamic Finance window. In this regard, at the initial stage, the products of Islamic banking will be outlined and be introduced, taking into account consultations with both associations of the financial sector and various industries, as well as with independent and international experts," Takhirov said.
The CBA representative added that a legislative framework is needed for the introduction of Islamic banking products: "In this regard, draft amendments to a number of legislative acts have been prepared. These include the Civil Code, the Tax Code, the Law on Banks and other legislative acts. These projects are presented to the financial sector. Their feedback is collected and discussed. Our main goal is to complete this preparatory process as soon as possible and, having completed the amendments to the package of laws, submit them to the government for consideration."
