21.06.2011 - Azerbaijan: Islamic banking knocking on the door
In a sign that Islamís role in Azerbaijan may be slowly evolving, the countryís largest and only state-owned bank, the International Bank of Azerbaijan, plans this autumn to open a specialized branch offering limited Islamic banking services. A prohibition on charging interest for loans is the major distinction between Islamic and Western-style banking. Instead of interest, Islamic banks take a stake in businesses to which they loan money, and share both the profit and loss with the client..............................................Full Article: Source
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