ICIEC and Central Bank of Azerbaijan Sign MoU to Enhance Islamic Insurance Services

The MoU was signed by Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, and Mr. Taleh Kazimov, Governor of the Central Bank of Azerbaijan.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has entered into a Memorandum of Understanding (MoU) with the Central Bank of the Republic of Azerbaijan (CBAR).

Strengthening Cooperation in Islamic Insurance

The MoU was signed by Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, and Mr. Taleh Kazimov, Governor of the Central Bank of Azerbaijan. This agreement establishes a general framework for collaboration aimed at enhancing Islamic insurance services in Azerbaijan.

Knowledge Exchange and Capacity Building

As part of this initiative, both institutions are committed to exchanging expertise in Islamic insurance, which includes organizing training sessions and workshops designed to build capacity and share knowledge. Additionally, they will conduct mutual visits to reinforce their partnership and explore further areas of collaboration.

Promoting Sustainable Economic Growth

This cooperation is expected to promote the use of innovative financial tools in Azerbaijan, accelerating investment inflows and contributing to sustainable economic growth. By enhancing Islamic insurance services, ICIEC and CBAR aim to foster a more robust economic environment in the region.