Two NGOs, the Pakistan-based AlHuda Center of Islamic Banking & Economics (CIBE) and Azerbaijan’s Studying of Economic Resources (SER) Public Union recently announced they will collaborate to promote Islamic finance in Azerbaijan and other countries in the Caucasus region. Among their goals are to address issues such as currency devaluation and high levels of non-performing loans. Islamic finance eschews conventional interest payments in lieu of concepts such as the sharing of profit and loss.
AlHuda CIBE is a Pakistan-based organization that works to promote Islamic finance and microfinance around the world. It provides training services on Shariah law with regard to finance and banking, and it hosts the Global Islamic Microfinance Forum annually. It also publishes periodicals on topics such as Islamic finance and halal foods.
SER, which is backed by the government of Azerbaijan, studies strategies for improving financial markets in Azerbaijan. It was founded in 2009.
By Sascha Strobl, Research Associate
Sources and Additional Resources:
AlHuda press release:
http://alhudacibe.com/pressrelease86.php
AlHuda Center of Islamic Banking & Economics:
http://www.alhudacibe.com
Studying of Economic Resources:
http://www.ser.az
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