Lack of Islamic investment tools makes it impossible to create Islamic insurance companies in Azerbaijan.
As the head of the public service media supervisory Namik Khalilov, it is caused by the fact that the legislation does not consider such a possibility. If you follow the requirements of Islamic insurance, the company will violate capital requirements, he said.
These plans were previously at a local company Amrah Sigorta, moreover, the International Bank of Azerbaijan announced a partial possibility of Islamic insurance in International Insurance Company (IIC).
According to Khalilov, the adherents of Islamic insurance may apply to the Ministry of Finance to initiate the development of a special legislative act. However, the implementation will take time. - 17D-
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