Azerbaijan Deposit Insurance Fund was founded on August 12, 2007 after the Law on Deposit Insurance was adopted by the Parliament of Azerbaijan 

Republic and was signed by the president of Azerbaijan Republic Ilham Aliyev. 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. Azerbaijan Deposit Insurance Fund are regulated by the Trustee Board 

and by Executive director based on the Law on Deposit Insurance. 

By the order of the President of the Republic of Azerbaijan, Mr. Ilham Aliyev dated August 1, 2017 Vugar Rafik oglu Abdullayev was appointed Deputy 

Executive Director of the Deposit Insurance Fund. By the order Vugar Abdullayev  was entrusted with the performance of the duties of the Executive Director.

In accordance with Article 3 of the Law of the Republic of Azerbaijan "On Full Deposit Insurance" which came into force on March 2, 2016, all protected deposits, 

the interest of which is within the annual interest rate established in national and foreign currency, irrespective of the amount are subject to full insurance 

for a period of for 3 (three) years by the participating banks of the Fund.

In accordance with the Decision of the Board of Custodians , deposits not exceeding 15% per annum, placed in national currency (manats), and deposits 

not exceeding 3% per annum placed in foreign currency are considered to be protected deposits.