Developing the legal framework for Islamic finance in Azerbaijan

Developing the legal framework for Islamic finance in Azerbaijan

Developing the legal framework for Islamic finance in Azerbaijan

The Project is implemented under Islamic Development Bank grant and aims achieving the following:

  • Creating an enabling environment for Islamic banking in Azerbaijan and providing guidance on the development of an Islamic financial ecosystem in the country, incorporating, where applicable, the guidelines and standards issued by IFSB (Islamic Financial Services Board)and AAOIFI (Accounting & Auditing Organization for Islamic Financial Institutions);
  • Developing a legal framework that is uniquely Azerbaijani, prepared in accordance with Azerbaijan’s context.
  • Creating a level playing field between conventional and Islamic banking institutions in relation to legal treatment and taxation of financial products.
  • Engaging with the MoE and other relevant stakeholders throughout the process to ensure transfer of knowledge and capacity building required for effective implementation of the proposed Islamic banking legal, regulatory and tax frameworks.