ICIEC, Republic of Azerbaijan Central Bank Sign MoU to Improve Islamic Insurance Services

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has signed with the Central Bank of the Republic of Azerbaijan (CBAR) a memorandum of understanding to come up with a general framework to facilitate cooperation between the two parties and improve Islamic insurance services in Azerbaijan.

According to a press release issued today by ICIEC, under the MoU, the two institutions will exchange expertise on Islamic insurance, to foster mutual understanding and development.

They will also hold training courses and workshops to build capacity and share knowledge, and organize visits to strengthen the partnership and explore further areas of collaboration.

This cooperation is expected to contribute to the broader use of new financial tools in Azerbaijan, thereby accelerating investment inflows and fueling sustainable economic growth, said the release.