BAKU, Azerbaijan, June 17. Interest in Islamic finance is growing in Azerbaijan and could help support broader economic development and long-term prosperity, according to the International Islamic Trade Finance Corporation, Trend's correspondent reports from the event.
Speaking at the 14th Islamic Development Bank Group Private Sector Forum, Adeb Alama, CEO of ITFC, said Islamic finance offers a values-based development model that connects financial activity with the real economy while promoting shared prosperity and social welfare.
“The principles of Islamic finance are deeply rooted in fairness, risk sharing, asset security, ethical investment, and social solidarity,” Alama said, adding that these principles align with broader global development goals.
He noted that many countries, including members of the Islamic Development Bank Group, continue to face challenges such as economic fragmentation, exposure to external shocks, food and energy insecurity, rising debt levels, and constraints on inclusive growth.
Alama said the group’s upcoming 10-year strategic framework for 2026–2035 emphasizes sustainable prosperity through stronger economic resilience, expanded participation in growth opportunities, and protection of human dignity.
“From the perspective of the Islamic Development Bank Group, the role of Islamic finance goes far beyond financial intermediation,” he said. “It is about strengthening resilience, advancing regional integration, mobilizing long-term development finance, and promoting more inclusive and equitable economic systems.”
He also highlighted trade as a key driver of job creation, food security, and regional connectivity, adding that sustainable expansion depends on stable and inclusive financial systems. Islamic finance, he said, offers “significant strategic potential” in supporting that goal.
