Fears grow for Azerbaijani IF
Hikmet Allahverdiyez, director of Moore Stephens in Azerbaijan, has the strong oppinion that if banks won't be aloud to have more freedom to invest across the economy, Islamic finance will fail. Azerbaijani banks can only provide "a limited set of Shari'ah compliant products" to retail customers.
At the end of last year Elman Rustamov, chairman of the Central Bank of Azerbaijan, stated that the CBA has no plans to develop Islamic banking within the next two to three years.
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