BAKU, Azerbaijan, June 16. New Islamic finance projects may be introduced in Azerbaijan soon, First Deputy Minister of Finance of Azerbaijan, Anar Karimov, said at the 14th Islamic Development Bank (IsDB) Group Private Sector Forum, Trend's correspondent reports from the event.
He noted that the forum has become an important platform for dialogue between representatives of government agencies, businesses, the expert community, and financial institutions.
According to Karimov, today the discussion is no longer limited to halal products or individual markets, but rather the formation of a global ecosystem.
"We are already talking about a global ecosystem that unites numerous regions and markets and extends beyond national borders," he said.
The official emphasized that the halal economy is becoming an important tool for regional integration and is based on principles such as trust, transparency, responsibility, and ethical standards.
Karimov noted that Azerbaijan places special emphasis on stability and trust-building in developing the halal economy.
According to him, the country's international currency reserves already exceed $88 billion, creating a solid foundation for macroeconomic stability.
"We have managed to accumulate significant foreign exchange reserves, which provide a reliable foundation for stability," he stated.
Karimov also spoke about the development of Islamic financial instruments in Azerbaijan.
He pointed out that Islamic finance is viewed not only as an alternative financial model but also as a tool for partnership, risk sharing, and investment.
"For us, the development of Islamic finance is not simply the creation of a new market segment. It is part of broader efforts to diversify the economy, expand financial inclusion, and support the private sector," the official said.
According to him, takaful services are already available in Azerbaijan, and financial institutions have begun offering Islamic banking products.
Karimov noted that some banks are already using Islamic financing instruments such as murabaha and mudaraba.
He also announced that new projects in Islamic finance may be announced in the near future.
The deputy minister emphasized that Azerbaijan's strategic location at the intersection of the East-West and North-South transport corridors creates additional opportunities for the country's development.
"Azerbaijan has the potential to become a regional hub that will contribute not only to national development but also to regional integration in the halal economy," Karimov mentioned.
He noted that such efforts contribute to the development of trade, investment, technological cooperation, and various sectors of the economy, including agriculture.
Karimov also underscored the importance of cooperation with the Islamic Development Bank Group.
According to him, for more than three decades, the bank has remained a reliable partner of Azerbaijan and contributed to the country's economic development, including the restoration of liberated territories.
"The future of our economy depends not only on the growth of individual markets, but also on our ability to build connections—between countries, businesses, investors, and opportunities, as well as between ethical principles and economic growth," he said.
In conclusion, the official said that Azerbaijan is ready to continue collaborating with all partners to advance this agenda.
"If we succeed, the halal economy can become a powerful driver of regional integration, shared prosperity, and sustainable development," Karimov added.
