Takaful insurance will contribute to the development of the Islamic finance ecosystem in Azerbaijan.
This was reported by the Central Bank of Azerbaijan (CBA) in response to the Trend's inquiry.
According to the CBA, the introduction of Islamic insurance not only brings a new insurance service to the market, but also plays an important role in the formation of an inclusive, sustainable, and international Islamic finance ecosystem in Azerbaijan.
The report emphasized that the development of the financial ecosystem is one of the main strategic goals of the CBA.
''The formation of an ecosystem for Islamic finance, especially Islamic insurance, which is an integral part of the financial ecosystem, is of particular importance. The introduction of Islamic insurance serves to diversify financial services, increase the accessibility of alternative financial instruments, and provide products in accordance with Islamic principles.
