BAKU, Azerbaijan, June 17. Azerbaijan can become an important financial hub in the sukuk market as its regional and global role in cross-border economic integration continues to expand, Khalid Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), said in an exclusive interview with Trend within the framework of the 51st Annual Meeting of the Islamic Development Bank Group in Baku.
In his interview, he spoke about Azerbaijan's growing role in regional and global economic integration.
According to the CEO, Baku hosting the annual meeting for the second time in a short period confirms Azerbaijan's strategic importance within the Middle Corridor and the wider Central Asian region.
"Hosting our annual meeting in Baku for the second time in less than 15 years is an indicator of how important a role Azerbaijan plays within the Middle Corridor and the Central Asian region. Azerbaijan has great potential in strengthening interregional connectivity, drawing upon its historical Silk Road tradition," Khalafalla emphasized.
He noted that the ICD and other partner institutions are working to expand regional integration through programs extending beyond Central Asia. "The goal is not only Central Asia, but also to attract more business from the Middle East to Azerbaijan, while simultaneously bringing Azerbaijani businesses out to regions like Southeast Asia and Africa. We see great potential for Azerbaijani companies," he said.
Khalid Khalafalla added that Azerbaijani companies can become more competitive on a global scale by utilizing both financial and insurance services.
Answering questions, he also spoke about new financial instruments. According to him, the sukuk market is one of the key directions.
"Sukuk is among our existing products. At the ICD, we provide advisory services on sukuk and support capital raising. Meanwhile, at ICIEC, we promote a new product called sukuk insurance, which serves to upgrade the credit rating of sukuks and expand issuance opportunities," he added.
According to him, these instruments can strengthen Azerbaijan's access to the sukuk market and accelerate the country's regional and global financial integration.
