Baku. Nijat Mustafayev – APA-Economics. During recent years, Islamic banking is rapidly developing in the world and coverage of Islamic financing has extended more. Even during the global financial crisis, Islamic banking operated without loss and grew by 10% on average. Global Head of Islamic Finance at KPMG Neil Miller said, APA reports.
To him, today Islamic banking has mostly developed in Malaysia and Azerbaijan can learn a lot from this country. At the same time, among the all CIS countries, Kazakhstan maybe an exemplary country for Azerbaijan: ‘Azerbaijan can also apply Islamic insurance. The absence of legislation on this sphere delays the development of Islamic banking’.
Miller noted that development of Islamic banking in the country also depends on the adaptation of tax legislation and this is one of the difficult sides in the application process of Islamic banking.
‘Azerbaijan can use Malaysian experience in this field. Azerbaijan must prepare new instruments and engage in marketing’, added Miller.
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