Baku to Host International Conference on Islamic Finance

Baku on February 19 will be the center of discussions about the current state and the next expected development of Islamic finance. Financiers, economists, scientists, and theologians from around the world will take part in discussions about funding by Shariah principles of entrepreneurship.

The international conference Islamic Finance: Current Status and the Nearest Expectations is organized by the Institute of Economics of the National Academy of Sciences of Azerbaijan with the assistance of Turkish Cooperation and Coordination Agency (TIKA).

During the conference, the subject of discussion will be the problem of risk management in Islamic finance (banking, insurance, leasing and other tools), applying the principles of Shariah law in futures transactions. A report will be heard on the prospects for the development of Islamic banking in non-Muslim countries, including Russia and Georgia.

Islamic banking is actively promoted by the state-run International Bank of Azerbaijan. In 2014, the Islamic assets of IBA reached $ 526 million. Part of the source of funding is syndicated loans totaling $ 252 million raised from foreign banks. This year the bank plans to issue and place Islamic bonds (Sukuk) amounting to several million dollars. ---08D