Ahlul Bayt News Agency (ABNA.ir), Elman Rustamov told the board meeting that Azerbaijan had withstood the global economic crisis well.
"We achieved great success both in the financial and economic spheres. It is not surprising that international organizations and financial structures highly appreciate our economic achievements. FITCH has recently raised our rating to investment level. This was a success for Azerbaijan's economic and financial system," Rustamov said.
He said that the meeting of the IDB board of governors would promote Azerbaijan's collaboration with Islamic financial structures.
"We also intend to use the services of the Islamic financial system in Azerbaijan in the future," the head of the Central Bank said.
"This issue will be considered in the future. Azerbaijan is different for its tolerance, so why not demonstrate this tolerance in the banking system? But I would like to repeat once again that the country has no legislative base to move to this system."
The economic systems of the Islamic states have shown a good level of resistance to the world financial crisis, IDB President Dr Ahmad Mohamed Ali Al Madani told the board meeting.
"This was possible because of the good financial system which is gaining influence in the world. The assets of the Islamic banks have grown to 30% in the world banking structure and we expect the total capital of these banks to increase to $1 trillion by the end of 2010," the bank chief said.
The president of the bank hoped that the governors' meeting would decide on further steps to develop the Islamic banking system as part of the world banking structure.
source : http://abna.ir/
