The delegation of OJSC International Bank of Azerbaijan (IBA) is going to Moscow for the realization of the idea of the creation of the Islamic Development Bank of the CIS countries. Taking into account the solid capitalization of the Russian "daughter" of the IBA and interest in Islamic banking in some regions of the northern neighbor, this trend has the right to subsistence and development.
The Director of the Department of Islamic finance of IBA Behnam Gurbanzadeh told the media that, in this case, Baku will become a regional Islamic financial center. "Russian banks have funding problems and actively seek alternative sources of funding. In this context, they are ready to accept our proposed scheme of Islamic finance," he said, adding that Kazakhstan also agreed to join the project. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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