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07.02.2017

GCC VAT a test for Islamic Finance- Fitch


30.01.2017

Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


31.03.2016

Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


28.03.2016

"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


19.02.2016

Azerbaijan looks to new Islamic bank as sector rules progress


15.01.2016

Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


14.12.2015

The 2nd International winter school of Islamic law and economics has started in Kazan


09.12.2015

Russian financial experts are exploring options to launch Islamic Banking


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22.06.2016

Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.

25.11.2015

Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.

14.09.2015

Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Azerbaijan looks to new Islamic bank as sector rules progress

19.02.2016

Azerbaijan could see the launch of its first standalone Islamic bank as early as next year as the government makes progress to introduce legislation to facilitate interest-free finance, an advisor to the new venture told Reuters.
Azerbaijan looks to new Islamic bank as sector rules progress
Azerbaijan could see the launch of its first standalone Islamic bank as early as next year as the government makes progress to introduce legislation to facilitate interest-free finance, an advisor to the new venture told Reuters.

The move could reverse the fortunes of Islamic finance in the former Soviet state after the International Bank of Azerbaijan (IBA), the country's largest lender, closed its Islamic banking department in October.

Azerbaijan, alongside Kazakhstan and Tajikistan, are among several central Asian countries creating a more welcoming framework for sharia-compliant banking with the help of the Jeddah-based Islamic Development Bank.

A working group of cabinet minsters and the IDB is making progress on the legislation, which would allow the proposed Islamic bank to launch next year, said Behnam Gurbanzada, chief executive of Islamic finance consultancy BEST Solutions.

«They are working on legislation together with the Islamic Developemnt Bank and they are keen to develop this process, this banking model», said Gurbanzada, a member of a regional Islamic banking advisory council.

«The bank's name will be announced in two months, it will be a new Islamic bank in the market».

Islamic finance transactions have been developed in the country, such as lease-based financing for SMEs, although specific rules could broaden the types of products while making them easier and cheaper to design.

The market downturn has also increased demand from corporate clients for alternative financing sources, Gurbanzada said on the sidelines of an industry conference in Dubai.

«Today the market needs long-term financing, it should be based on investments and partnerships rather than just loans and credit».

The new Islamic bank would use a branchless model, aiming to reach a wide client base in Azerbaijan, where an estimated 93 percent of the 9 million people are Muslim.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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