Azerbaijan to boost development of Islamic banking

6 December 2013 15:21 (UTC+04:00)

The Economic Policy Committee of the Azerbaijani Parliament discussed a bill 'On approval of the foundation agreement with the International Islamic Trade Finance Corporation' on December 6.

During the discussions, MPs noted that this document will support the financing and stimulation of trade with Islamic countries and the member states of the Organisation of the Islamic Conference (OIC).

Committee's chairman Ziyad Samadzadeh said the signing of this document will have a positive impact on Azerbaijan's economy.

"This bill will encourage Azerbaijan's imports and exports from 36 OIC member countries. It will contribute to the development of Islamic banking in the country and enhance the ability of local banks to raise loans for these purposes," he said.

The bill was recommended for discussion at parliament's plenary session.