UAE research center to help promote Islamic finance in Azerbaijan

By Trend

The AlHuda Center of Islamic Banking and Economics will help Azerbaijan improve literacy in Islamic financial services and promote other services, the Center told Trend.

The Al Huda Center has already conducted the necessary studies in Azerbaijan on the potential demand for Islamic banking services and the level of public awareness on Islamic finance.

The center also signed a memorandum of mutual understanding with the Center for the Study of Economic Resources of Azerbaijan. The two organizations will work together to research and develop financial products consistent with the principles of the Sharia (Islamic law).

The parties will also hold seminars and trainings in Azerbaijan. "We have already conducted one of these trainings last year in Baku. We plan to hold the next training in September this year," the center added.

The AlHuda Center of Islamic Banking and Economics is based in the United Arab Emirates. The organization provides consulting services, development and research in the field of Islamic finance.