OREANDA-NEWS. June 28, 2010. Chairman of the Central Bank Elman Rustamov took part at the 5th Global Forum of the Islamic Development Bank regarding the Islam Finance on the topic “Towards the Global Stability and Integration” held in Baku, reported the press-centre of CBA.  

E.Rustamov addressing the event informed participants of the forum about the economy and banking sector of Azerbaijan and stated that Azerbaijan withstood the global financial crisis based on the economic potential basis created during the past 6-7 years. He also emphasized that despite the risks, the banking sector demonstrated sufficient endurance to the effects of global economic crisis. Thus, the capitalization and financial resources level of the banking system increased, the management potential was strengthened and foreign borrowing was restricted.
E.Rustamov emphasized that economic doctrine, pursued by President Ilham Aliyev in 2003-2008 provided the fundamental development of the country and noted that within the years a liberal market economy based on high social and corporate values was created, and there was 3-time growth of GDP during the period.

E.Rustamov also noted that against the rapid economic development of Azerbaijan, banking system also displayed high dynamics, and experienced 10-time average growth within 2003-2008.

Speaking about the objectives of post-crisis period E.Rustamov considered it important to take the advantage of the newly created pact of global resistance and noted that the Central Bank of Azerbaijan started the application of new constrictive approaches in the micro- and macro prudential policy. New tools for Capitalization, Financial Resources and liquidity were developed.

E. Rustamov touched upon the main objectives, conditions and important aims in the post-crisis period. The chairman noted that stimulation and strengthening of the competition environment in the banking system, enlargement and consolidation of the banking system, increase of access to financial services and institutional development of the sector are main objectives of the post-crisis period.

The chairman expressing his opinion on the topic of the forum emphasized the estimable role of Islamic Development Bank in holding such forum. He noted that global financial crisis tested the adequacy of the frames of macroeconomic and financial regulation on the global scale and laid down the basis of the intellectual search for the architecture of new stability. From this point of view, the urgency of the forum on the topic “Towards the Global Stability and Integration” is very high in the context of contribution to the search. E.Rustamov emphasized that Islamic banking began to take a large place among the financial circles of a number of developed countries for the last decade, therefore, optimum harmonization of the banking with the global financial system looks perspective and Azerbaijan watches closely these processes.