16:54 - 15.05.2026

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May 15, Fineko/abc.az. The Islamic Corporation for the Development of the Private Sector (ICD) is negotiating cooperation with several other banks, ABC.AZ reports, quoting organization's corporate strategy and research manager Elvin Efendi.

He, however, did not specify which banks he was referring to (currently, Rabitabank and Turanbank are local partners of ICD).

Efendi added that development of Islamic banking in Azerbaijan can open up significant opportunities for the country:

"Today, Azerbaijan lacks a full-fledged legislative framework for Islamic finance. Work is underway on its formation with active participation of the Central Bank of Azerbaijan. As the Islamic Development Bank Group, we provide support and technical assistance. Work is underway in parallel, for example, on legislation on sukuk. All these projects are aimed at creating a full-fledged legislative ecosystem for Islamic finance in the country.

What will this do for the country? First of all, access of the population, entrepreneurs and the private sector to alternative instruments of Islamic finance will be expanded. In addition, it will create conditions for attracting investments from other countries. Significant amounts of liquid capital are concentrated in the Persian Gulf States, as well as in Indonesia. In order to attract these funds to Azerbaijan, it is necessary to have the tools of Islamic finance. After the formation of the appropriate legislative framework, such investments will begin to flow naturally."