(MENAFN- AzerNews) By
Azerbaijan's President Ilham Aliyev signed a decree Aug. 1 appointing Vugar Abdullayev as the deputy executive director of the Azerbaijan Deposit Insurance Fund (ADIF).
Under the decree, until the appointment of the Fund's executive director, Vugar Abdullayev will serve as its acting executive director.
ADIF was founded on August 12, 2007 after the Law on Deposit Insurance was adopted by the Parliament [Milli Majlis] of Azerbaijan.
The purpose of establishing the Deposit Insurance Scheme is to prevent the risk of losing money deposited by individuals and to ensure the sustainability and development of the financial and banking system whenever banks and local branch offices of foreign banks become insolvent.
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