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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