Azernews.Az

By Sara Rajabova

Islamic financial institutions, banks and companies will gather in Baku on June 21 at the Islamic Finance Conference titled "Islamic Finance: Opportunities within the framework of the banking reform in Azerbaijan."

The conference co-organized by the Trans Regional Islamic Economics Centre (Azerbaijan), Islamic Finance Advisory & Assurance Services (IFAAS UK) and Ekvita law firm.

The main purpose of the conference is to inform the banks and companies, which intends to develop about the possibilities that Islamic finance can provide in this field. Interactive agenda includes the global, regional and national perspectives of Islamic finance, the discussion of its current state and future trends, as well as the possibilities of elimination of the obstacles to the getting profit from the commercial activity.

The representatives of the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector of Saudi Arabia, the General Council for Islamic Banks and Financial Institutions of Bahrain, the Trans Regional Islamic Economics Centre and other international organizations will deliver speech at the conference.

The development of the Azerbaijani bank sector is gradual, but sustainable. Although Islamic banking legislation has not been found in Azerbaijan yet, local banks, and companies are interested in the application of Islamic financial mechanisms in the current legislation and adoption of new legislative acts enabling their introduction.