Islamic finance struggles toward mainstream in Azerbaijan
Until recently, sharia-compliant deals in Azerbaijan had to be conducted secretly, hidden under the appearance of conventional banking. Now, on the other hand, there are a couple of banks which openly offer a limited range of services compliant with Islamic principles. These include bans on interest and pure monetary speculation. However, the government still has not created a law in order to regulate the Islamic financial industry in the country. Such a law would enable expansion of operations of commercial banks and allow sukuk issuance.