17:36 - 26.11.2025

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November 26, Fineko/abc.az. Since January 2024, the Islamic Development Bank has allocated finances to three local Azerbaijani banks through the Islamic Corporation for the Development of the Private Sector, ABC.AZ informs, quoting Ruslan Atakishiev, Chairman of the Center for the Study of Economic Resources, PhD in Economics.

He noted that the main supplier of funds is a structure that cooperates with the Islamic Bank in providing basic financing for the development of the private sector.

"Funds are being allocated for projects worth 170,000 manats for local entrepreneurs of Azerbaijan, in particular, for entrepreneurs. In particular, funds are allocated for the purchase of working capital, and thus the funds are sold to the company. This is called murabaha rule trading. That is, if Islamic banking structures are engaged, for example, in the manufacture of furniture, they buy the necessary wood or paint, or any other equipment for them and sell them at a higher price in installments - for two or three years. That is, these structures are currently operating in this way."

 

By Elmir Murad