Banking duo plan to launch Azerbaijan's first Islamic insurer

Azerbaijan-based Amrahbank is to establish the country's first Islamic insurer in conjunction with the Islamic Corporation for the Development of the Private Sector, according to local media reports.

Azerbaijani news service Trend said that Amrahbanks's director of business development, Shafiga Hajiyeva, made the announcement after attending the World Takaful Conference and the Islamic Finance and Investment Conference in April.

"Being long-term partners, and in order to strengthen cooperation, Amrahbank and the ICDPS, a member of the Islamic Development Bank Group, plan the establishment of the first Islamic insurance company in Azerbaijan and throughout the CIS. Thus, participation in these conferences can be considered as one of the initial steps in this direction," Hajiyeva is quoted as saying.

The Islamic finance sector is growing in Azerbaijan, where Muslims account for 87% of the country's 8.9 million population.

Established in 1993, Amrahbank is one of the oldest commercial banks in Azerbaijan, offering corporate and retail customers a range of banking products and services.

The bank's strategic partnership with the Bahrain-based International Investment Bank since 2008, through a 49% shareholding, has played a role in the development of various activities, such as corporate governance, international cooperation, and the array and quality of products and services.