The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, will introduce Islamic banking products in Azerbaijan and lobby for changes in country’s banking legislation in order to incorporate Islamic banking.
This will be realized in accordance with the Memorandum of Understanding (MOU) the ICD signed with the AACC. With the signing of the MOU, the two institutions agreed to cooperate to facilitate information and expertise exchange in order to develop effective cooperation, which may include organizing joint investment forums, professional programs, market research, workshops, publications, study tours, qualifications, and much more.
ICD’s CEO Khalid Al-Aboodi stated that this MoU is strategic for both parties. “We believe it will enhance cooperation between ICD and AACC in the Islamic business and finance sectors, which reflects ICD’s determination to deploy all efforts to encourage Islamic finance in the development of the private sector in Azerbaijan and in CIS region,” he added. Chairman of AACC Elshan Rahimov, for his part, added that the political will of Azerbaijan’s President Ilham Aliyev plays an important role in the formation of the friendly relations existing between Azerbaijan and Arab countries.—Agencies