Islamic banking discussed in Azerbaijan

Using the interest free system of financing can prevent certain economic crises, that is why it is important to consider this system for Azerbaijan, the president of Azerbaijani State Economic University Shamsaddin Gadjiyev said at the conference “Prospects of Development of Islamic Financial Market in Azerbaijan,” Trend reports.

The conference gathered experts on Islamic banking, professors and tutors from Azerbaijan, Turkey, Pakistan, Saudi Arabia, Azerbaijani PMs, representatives of ministries, local banks and leasing and investment companies.

Today the share of Islamic capital in the world financial market is $1.3 billion. The system is applied by more than 400 financial organizations in 74 countries.