ICD Signs MOU with AACC to introduce Islamic banking in Azerbaijan

14 May 2017

News & Press Release

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, has signed Memorandum of Understanding (MOU) with the Association for Azerbaijan-Arab Countries Cooperation (AACC) in order to introduce Islamic banking products in Azerbaijan and to lobby for changes in Azerbaijan banking legislation in order to incorporate Islamic banking.

With the signing of the MOU, the two institutions agreed to cooperate to facilitate information and expertise exchange in order to develop effective cooperation, which may include organising joint investment forums, professional programs, market research, workshops, publications, study tours, qualifications, and much more.

On this occasion, Mr. Khaled Al-Aboodi declared that this MoU is strategic for both parties. We believe it will enhance cooperation between ICD and AACC in the Islamic business and finance sectors, which reflects ICD’s determination to deploy all efforts to encourage Islamic finance in the development of the private sector in Azerbaijan and in CIS region.

Mr. Elshan Rahimov, Chairman of AACC added that the political will of Azerbaijan President of Ilham Aliyev plays an important role in the formation of the friendly relations existing between Azerbaijan and Arab countries. Mr. Rahimov said that high-level economical and political relationship in recent years between Azerbaijan and Arab countries, expansion of cooperation between businesses, increasing visitors from Arab countries to Azerbaijan create favorable conditions for the development of the relations. We consider ICD as strategic partner in Arab region and by signing this MoU we cemented our relationships and it will help us to define our strategy for coming months. AACC together with ICD plans to host First investment Forum for the investors from Arab countries in October 2017 in Baku, Azerbaijan.

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About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.icd-ps.org.

About Azerbaijan-Arab Countries Cooperation

The decision to create the “Cooperation of Azerbaijan and Arab Countries” Public Association is timed to President Ilham Aliyev’s initiative that 2017 has been declared the Year of Islamic Solidarity in Azerbaijan, and Baku currently hosting the Islamic Solidarity Games. The aim of establishment of the Association, in which, along with Azerbaijani businessmen, entrepreneurs from Arab countries will also be represented, is the strengthening of economic partnership between Azerbaijan and Arab countries through the promotion of mutual trade and investment, development of friendly relations between the states.

ICD Signs MOU with AACC to introduce Islamic banking in Azerbaijan

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