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About Azerbaijan
September 14 - 15, 2018 - Baku, Azerbaijan
About Azerbaijan
 
Azerbaijan, officially the Republic of Azerbaijan, is a country in the South Caucasus region, situated at the crossroads of Southwest Asia and Southeastern Europe. The estimated population of Azerbaijan in 2013 was 9.417 million. The Constitution of Azerbaijan does not declare an official religion and all major political forces in the country are secularist. However, the majority of the population consists of Muslims. Azerbaijan has a high level of human development which ranks on par with most Eastern European countries. It has a high rate of economic development and literacy, as well as a low rate of unemployment.

Islamic financing is one of the fastest-growing segments of the global financial services industry worldwide.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.The International Bank of Azerbaijan (IBA), the country's leading bank, has established an Islamic banking department, which is in the early stages of carrying out organizational and analytical work. The Islamic Banking services which are offered to customers are Murahaba (transactions with precious metals), Mudaraba (deposit transactions), Vakala (financial services), Icara (leasing) and Qard-al-Hasan (customer service).

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