11:31 - 10.06.2026

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June 10, Fineko/abc.az. The most optimal approach for integrating Islamic banking into the local market is the "Islamic window" model.

ABC.AZ informs that Javid Isayev, Head of the Deposit Center of the Kazakhstan Bank Center Credit, stated this at the X International Summit on Finance and Banking in Baku.

According to Isayev, of the four options for implementing Islamic banking in the Kazakh market, the "fatwa" and "window" approaches are the most applicable for the Azerbaijani market.

"With the fatwa approach, a traditional bank takes an existing product, imposes certain restrictions, conducts an external audit for compliance with Sharia law and transforms it into an Islamic financial instrument," Isayev said.

The expert stressed that two years ago they initially chose this model, but later, due to changes in legislation, the approach was revised: "We are currently preparing to obtain an Islamic banking license in the window format. Other options are to obtain a full-fledged Islamic financial license within the framework of the Astana International Financial Center (AIFC) and operate directly as a full-fledged Islamic bank. Since both of these models require higher costs and institutional readiness, they look more complex from a practical point of view."

Isayev also noted that, contrary to expectations, the main need of the Muslim market turned out to be not classic cards or installment payments (BNPL), but a simple answer to the question: "where to keep money?". Taking into account this real demand, the first Islamic investment fund "Vardat al-Hayat" ("Flower of Life") was created in Kazakhstan, and this experience can be useful for Azerbaijan.