11:12 - 2.12.2025

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December 2, Fineko/abc.az. (special news) Introduction of Islamic banking in Azerbaijan was announced a long time ago, but for certain reasons the process is delayed.

Experts believe that the delay is caused by the lack of a mechanism and legal framework in the country.

In response to ABC.AZ inquiry, the Central Bank of Azerbaijan noted that the introduction of Islamic banking is one of the initiatives identified in the Financial Sector Development Strategy of the regulatory authority for 2024-2026.

The CBA informed our website that as part of the strategic event, international experience on introduction of Islamic banking products has been studied, including experience of countries such as Turkey, Pakistan, Malaysia and Kazakhstan:

"The most common types of products in Islamic banking and the mechanisms of their functioning were also investigated, and products suitable for Azerbaijan were identified, taking into account current market conditions. After the formation of the legal framework for Islamic banking, draft amendments to the Central Bank's regulatory acts will be prepared, as well as work on the formation of a control and reporting structure for Islamic banking products."