BAKU, Azerbaijan, May 7. Islamic finance instruments will enable Azerbaijan to get access to a deep market, Chairman of the Islamic Development Bank (IsDB) Group Dr. Muhammad Sulaiman Al Jasser said in an exclusive interview with Trend, as he visited Azerbaijan.
Al Jasser noted that the government has taken a very positive approach to the Islamic financing development in the country.
“First, they have developed Islamic banking mechanisms, including the necessary regulatory framework for a well-functioning Islamic finance market. That has already been put in place, and we have provided technical assistance in this regard. Second, as we speak about diversification, we also want to diversify sources of finance, so that both investors and the government have a wider range of instruments to choose from. Sukuk and other Islamic finance instruments will now be available, enabling Azerbaijan to get access to a deep market,” he said.
The IsDB Group chairman noted that Islamic finance today is a market of about 3.5 trillion dollars, so this also gives access to a bigger market, while maintaining access to traditional markets.
“In effect, it broadens the base and increases the availability of finance for projects needed at this stage of development. It is about diversifying sources of finance, which in turn supports the wider diversification of the economy—whether in agriculture, industry, digital development, or renewable energy. There is already a lot that the country is doing, and even more that it can do going forward. We believe Islamic finance can provide additional support to that process,” he explained.
