Azerbaijan Deposit Insurance Foundation

Azerbaijan Deposit Insurance Foundation
Company typeDeposit insurance fund
IndustryFinance
FoundedFebruary 9, 2007; 17 years ago (2007-02-09) in Baku, Azerbaijan
Headquarters
Baku
,
Azerbaijan
Websitewww.adif.az/en

Azerbaijan Deposit Insurance Foundation (ADIF, Azerbaijani: Azərbaycan Əmanətlərin Sığortalanması Fondu) is the Azerbaijani deposit insurance entity that is responsible for preventing the risk of deposit loss of individuals in the event of loss of solvency by banks or branches of foreign banks, ensuring the stability and development of the financial and banking system of the Republic of Azerbaijan.

History

The Foundation was established by the order of the President of Azerbaijan dated February 9, 2007 "On approval and introduction of the Law “On Deposit Insurance””, adopted by the National Assembly of Azerbaijan on December 29, 2006.[1]

The Foundation's main activities are collecting insurance premiums from banks, ensuring the safety of the fund's cash deposits, and, in some cases, paying insurance amounts to depositors.

Activity

From March 1, 2016, to December 4, 2020, the insurance system applies to the entire population's deposit volume.

According to the decision of the Fund's Board of Trustees, starting from June 1, 2020, the maximum rate on bank deposits of the population in the national currency of Azerbaijan is increased from 10% to 12%.[2]

Since 2020, the Chief Executive Officer executive Director of the Foundation is Tural Piriyev.[3]

See also

References

  1. ^ "Əmanətlərin sığortalanması haqqında". www.e-qanun.az. Retrieved 2021-04-10.
  2. ^ "Максимальная ставка по страхуемым банковским вкладам населения в нацвалюте в Азербайджане с 1 июня увеличивается до 12% - ADIF". interfax.az. Retrieved 2021-04-10.
  3. ^ "Официальный сайт президента Азербайджанской Республики - ДОКУМЕНТЫ » Распоряжения". ru.president.az (in Russian). Retrieved 2021-04-10.