Baku, January 18 AZERTAC
The Azerbaijani government and the Islamic Development Bank (IDB) have signed a grant agreement to provide technical assistance to prepare the legal framework for Islamic finance.
The agreement envisages the analysis of banking legislation and study of the possibilities of introduction of the Islamic banking principles in Azerbaijan.
The IDB approved technical assistance to Azerbaijan in the amount of $200,000 for the preparation of the legal framework for Islamic finance.
Azerbaijan joined the Islamic Development Bank in 1992. The areas most interesting for the IDB in Azerbaijan are energy, irrigation, road construction and agriculture.
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