BAKU, Azerbaijan, October 7. Azerbaijan is preparing to issue sukuks to finance infrastructure projects and green energy initiatives, said Samir Taghiyev, an expert in the Direct Finance Department of the Islamic Corporation for the Development of Private Sector (ICD) in Saudi Arabia, Trend reports.
Speaking at the Halal Business Forum, Taghiyev noted that legislation establishing the legal framework for sukuk issuance will soon be adopted in Azerbaijan.
“Previously, a state-owned Azerbaijani company expressed interest in issuing a sukuk, but the lack of relevant legislation made it impossible. Thanks to the efforts of the Central Bank and its leadership, the draft law will soon be ready,” Tagiyev said.
The expert emphasized that issuing sukuks will allow Azerbaijani companies to attract long-term financing in both local and foreign currencies on domestic and international markets.
As an example, he cited a recently signed public-private partnership agreement for the Alanya Toll Road project, which spans two decades and could be financed through sukuks on international markets.
“Special attention is given to infrastructure projects and the development of green energy, including in territories recently liberated. The ICD is also involved in projects to provide clean water from the Caspian Sea as part of a comprehensive approach to sustainable development,” the expert added.
He confirmed that the ICD will actively support Azerbaijan in these initiatives, helping attract investments from international and Persian Gulf markets.
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