Islamic insurance in Azerbaijan has no prerequisites
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-
Economics
-
SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
-
Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
Leave a review