ALMATY, Kazakhstan, June 26. The Islamic Development Bank (IsDB) is fully committed to supporting the development of Islamic finance in Azerbaijan, a representative of IsDB and an expert on Islamic finance, Yahya Rehman, told Trend on the sidelines of the Eurasian Development Bank (EDB) Annual Meeting and Business Forum.
"Just last week, we held our annual meeting in Baku. We see Azerbaijan's strong interest in developing Islamic finance. We are working with the Central Bank of Azerbaijan to develop the legal and regulatory framework. We also recently launched a new capital markets technical assistance project related to the issuance of sukuk," Rehman said.
He noted that Azerbaijan is actively working to establish the necessary framework and foster a favorable ecosystem for the development of Islamic finance.
"The prospects are very good, as it's a developing economy with strong economic fundamentals. The potential for Islamic finance in Azerbaijan is significant, and the Islamic Development Bank is fully committed to supporting this process," the bank's representative added.
