Azerbaijan looks to new Islamic bank as sector rules progress
 

By Nadia Saleem DUBAI, Feb 19 (Reuters) - 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.

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