Azerbaijan moves a step closer to develop its Islamic Finance industry

Azerbaijan’s Agency for Development of Small and Medium-sized Enterprises announced that the platform is ready to introduce Islamic banking in the country. The Chairman of the agency, Orkhan Mammadov, highlighted that the Azerbaijani government has identified certain tasks needed for the development of the sector, which the new parliament in effect is focusing on. He mentioned all work in this area is expected to be completed by the end of 2020. The Islamic banking industry is anticipated to contribute positively to the Azerbaijan’s economy, generating alternative income sources.