BAKU, Azerbaijan, October 22. Islamic finance is no longer confined to specific regions; it now holds a significant place in the financial centers and stock exchanges of London, New York, and major Asian hubs, CEO of PASHA Capital Investment Company, Isi Mustafayev, said at the 3rd Islamic Finance Forum in Baku today, Trend's correspondent reports from the event.
According to him, based on international reports, the total volume of the global sukuk market has surpassed $1 trillion, with approximately $300 billion in new sukuk issuances recorded in 2026.
"Approximately 72% of these issuances originate from governments and government-related entities. Malaysia and Saudi Arabia hold leading positions in the global sukuk market. Furthermore, Türkiye’s share in the global sukuk market amounts to about $20 billion," Mustafayev noted.
He pointed out that although no sukuk issuances have taken place in Azerbaijan yet, work is underway to establish the necessary legal and market infrastructure for the implementation of these financial instruments.
"Once the legal framework and tax-related matters are fully regulated, new opportunities will emerge in Azerbaijan for the issuance of sukuk and the attraction of investor capital through these instruments," the CEO emphasized.
Mustafayev added that while sukuk instruments, which are primarily aimed at financing the real sector and infrastructure projects, aren’t currently offered directly on the local market, Azerbaijani investors are provided with opportunities to invest in them within international financial markets through PASHA Capital.
