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
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review