Islamic banking to be applied in Azerbaijan
The country's legislation allows this, banking expert Sahib Guliyev
said.
Considering that the receipt and payment of interest is forbidden under Islamic law, such banks will disburse loans without interest payments.
The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of "riba" (interest).
Azerbaijan's Law on Banks stipulates that banks are authorized both to charge interest and to provide interest-free credits.
Considering that the receipt and payment of interest is forbidden under Islamic law, such banks will disburse loans without interest payments.
The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of "riba" (interest).
Azerbaijan's Law on Banks stipulates that banks are authorized both to charge interest and to provide interest-free credits.
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