Bank IBA-Moscow: Islamic banking serves for integration of Muslim population in European society

Azer Safarov, advisor to the chairman of board of Bank IBA-Moscow, the Russian subsidiary of OJSC International Bank of Azerbaijan (IBA), has welcomed the fact that Islamic banking is developing in the EU.

At the XXI European Economic Forum Safarov stated that Islamic finance is not only important for the integration of the Muslim population into the European society, but of greater significance for the economic system of Europe and the world economy.

"Islamic financing model, first, requires that the economy would be socially oriented, and, secondly, that the economy would be healthier, and in this respect the Islamic model prevents the emergence of debt and financial bubbles. Both of these features work on the economic recovery and solution of social contradictions in the society," Safarov stated. (continue reading...)