Baku. Agshin Rafigoglu - APA-Economics. Azerbaijan is developing package of proposals for amendments in legislation on Islamic Banking, Director of Islamic Banking Department of the International Bank of Azerbaijan Behnam Gurbanzadeh told journalists.
“We have applied to the Cabinet of Ministers in this regard. According to order of the Cabinet of Minister, 6 ministries and Central Bank should make proposals in this regard. Relevant legislation package must be developed in this sphere”, Gurbanzadeh said.
At the same time, the president has issued an order on development of Code of Banking. This Code will also include issues on Islamic Banking. We are developing that legislation package jointly with internal and international advisors, representatives of IDB. I believe that the package will be submitted to the Central Bank in the first quarter of 2015. A document will be prepared under the CB’s recommendation. This version will also be submitted to the Cabinet of Ministers next year”.
Gurbanzadeh noted that the packages have been planned for IBA and other local banks to operate in Islamic Banking in the future.
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