Local Investment - commercial bank Nikoil within the framework of Islamic Finance plans in 2015 to raise about $ 10 million, said the Chairman of the bank Vasily Khamaza.
Recently, Deputy Chairman of the Board visited Bahrain and also led the negotiations with the representatives of Yemen. He received the support, so I think that in the coming months we will attract resources under the laws of Islamic Finance. This will increase the volume of investments, primarily in the leased area. We have seen a positive assessment of investors. Those projects that we proposed in the first place are construction, investment and leasing and they found approval, " he said at a press conference yesterday.
According to him, negotiations are underway with one investor from Yemen and two from Bahrain. "We have a small portfolio of Islamic Banking. The product that meets the requirements of Islam came to us in 2008. We are one of the first ones that have certified it accordingly in the East. But without seeing some kind of response from the market, were did not invest seriously in this. The amount of deposits is small - about 200 thousand manat," said the financier, noting that while the bank developed a direction associated with the deposits within Islamic Banking before, investment projects will be developed from now on.
OJSC Bank Nikoil has been operating in Azerbaijan since 1994. Its shareholders are Topaz Investment, Joint Stock Company Nikoil and ISR Holding. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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