The Central Bank of Azerbaijan (CBA) has revoked the license of İşgüzar Credit Union LLC to operate as a credit union. According to the press service of the CBA, the decision was made by the CBA Board. Following the decision, the number of licensed credit unions operating in Azerbaijan has fallen to 35.
An inspection conducted at the credit union last year found that its externally audited financial statements for 2024 had not been submitted to the CBA. Under Article 17.3 of Azerbaijan’s Law on Credit Unions, credit unions are required to have their financial statements audited by an external auditor. The failure by İşgüzar Credit Union to submit its externally audited financial statements for 2024 constituted a violation of this requirement.
In this regard, the CBA issued a mandatory instruction to the credit union in June 2025. The instruction required the credit union to have its 2024 financial statements audited by an external auditor and officially notify the CBA of this, together with supporting documents. İşgüzar Credit Union LLC was established in 2010 and operated in Baku.
Its authorized capital amounted to 4,000 manats. A credit union is a non-bank credit institution established by individuals and legal entities classified as small businesses to pool their available funds for mutual lending. The 35 licensed credit unions currently operating in Azerbaijan are: Source: https://www.trend.az/business/4220275.html © 2026 Trend News Agency.
Extract — continue reading at the source.
