AZERBAIJAN:
The International Bank of Azerbaijan (IBA), the country’s biggest bank,
is currently working with national authorities on a draft Islamic
banking law. The state-owned financial institution has submitted an
application to the Cabinet of Ministers on the proposal of the ministry
to set up a working group that will prepare the Islamic banking laws
for the country. The work on the adoption of legislation for Islamic
banking in Azerbaijan is expected to begin in September, with a view to
implementation in 2015, reported a local daily.
According
to Behnam Gurbanzada, the director of the Islamic banking department at
IBA, the proposed candidates for the working group were from the
Ministry of Economy and Industry, the central bank, the IBA and other
relevant organizations. “In parallel, the text of the grant agreement is
under coordination with the IDB. The deal may be signed by late August.
In turn, this will enable the working group to embark on the 12-month
project as early as in September 2014,” he explained. The working group
is expected to complete its analysis of the international Islamic
banking legislation around September to December, and subsequently
submit the draft for consideration to the central bank in the spring of
2015.
IBA,
which holds at least 40% of the country’s banking assets, is determined
to play an active role in the Islamic finance markets of the Persian
Gulf and Russia. IBA and its Russian subsidiary, IBA-Moscow, are also
working to analyze Russian legislation to provide financial services
based on Islamic principles and to develop Islamic banking products in
the state. Gurbanzada also noted that the IBA is looking to set up an
Islamic banking center across the region, in line with the request of
Financial-Banking Council of the CIS to promote Islamic banking in the
CIS countries. Driven by the interest of Russian banks in Islamic
banking, IBA will also prepare a package of proposals to be submitted
to the Central Bank of Russia.
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