ECONOMY
5th IDB GLOBAL FORUM ON ISLAMIC FINANCE BEGINS IN BAKU
Entitled “Islamic Finance: Towards Global Resilience and Inclusiveness”, the forum has been organized at the initiative of the Islamic Research and Training Institute. The event, held since 2006, is aimed at exploring the ways of solving challenges faced by the Bank`s member countries and developing Islamic Financial Services industry.
Speakers at the event included Bambang Permadi Brodjonegoro, Director General of Islamic Research and Training Institute, and Sheikh Salah Kamel, chairman of the General Council for Islamic Banks and Financial Institutions.
In his remarks, Chairman of Azerbaijan`s Central Bank Elman Rustamov emphasized the importance of the forum, saying it addressed “very topical issues of nowadays”.
Rustamov spoke of the global economic crisis` impact on Azerbaijan.
“Azerbaijan was quite ready to face the crisis. Azerbaijan`s economic doctrine, pursued by President Ilham Aliyev in 2003-2008, has ensured the country`s fundamental development. During this period Azerbaijan`s Gross Domestic Product saw a 3-fold increase, with national per capita revenue making more that $9,000. The country`s strategic currency reserves increased 13-fold to make more that half of the GDP. This is also 6 times more that the country`s external debts.”
Rustamov said: “Rapid economic development boosted the dynamics of the banking and financial system. Azerbaijan`s banking sector, its volume and potential, saw a 10-time growth. And by creating a strong macroeconomic potential Azerbaijan has managed to ensure steadiness of its economy to the global crisis.”
President of the IDB Group Ahmed Mohammed Ali wished the forum participants successes.
Doctor Muhammad Ali Elqari delivered a report on ethical boundaries of the Islamic finance system.
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