BAKU, Azerbaijan, October 7. Islamic finance harmoniously complements the Azerbaijani government's course on fiscal and financial reforms, the First Deputy Minister of Finance of Azerbaijan, Anar Karimov said at the Halal Business Forum (AZHAB) in Baku, Trend reports.
According to him, the Islamic financial sector demonstrates sustainable growth and becomes an important element of the global economy. Islamic finance, based on the principles of justice, transparency, and a risk-sharing approach, provides not only an ethical but also a sustainable financial model.
"Today, the volume of the Islamic financial industry exceeds $4 trillion and continues to grow by almost 10 percent annually," Karimov noted.
He emphasized that in Azerbaijan, Islamic finance harmoniously complements the government's course on fiscal and financial reforms.
"Azerbaijan has built a system based on transparency, efficiency, budget discipline, and digitalization. Today, our country holds the 23rd place in the world ranking of budget openness," he said.
Besides, according to him, Azerbaijan is working on the implementation of international accounting and financial reporting standards, including the transition to IFRS 17, as well as on the development of a new accounting policy for the insurance sector.
This, in the opinion of the first deputy minister, will create a basis for increasing transparency and trust in Islamic insurance in the country.
Additionally, the use of halal certification is expanding in Azerbaijan in the food industry, tourism, cosmetics, and other industries.
"Halal certification forms trust, and trust opens markets," Karimov pointed out, stressing the government's readiness to continue cooperation with international organizations and the expert community for the development of the halal ecosystem.
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