Azerbaijan voices commitment to integrating Islamic finance into its financial system

BAKU, Azerbaijan, June 17. Azerbaijan is committed to integrating Islamic finance into the architecture of its financial system, Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, said at the 20th Islamic Development Bank (IsDB) Global Forum on Islamic Finance, held in Baku as part of the Annual Meeting of the IsDB Group, Trend's correspondent reports from the event.

"We are committed to integrating Islamic finance into the architecture of our financial system and expect our reforms to deepen financial markets and attract foreign investment. Islamic finance, serving as a unifying financial language for various regions, promotes cross-border investment and private sector development. Azerbaijan is ready to contribute to the realization of this vision," Kazimov also said.

He noted that Azerbaijan has integrated ESG factors into its national development strategy.

"In this regard, Islamic finance closely aligns with our goals due to its emphasis on real sector activities. Islamic finance promotes sustainable development by prioritizing public welfare and ethical investments, and, of course, by avoiding speculation and debt bubbles.

Therefore, one of our key priorities is to promote the development of Islamic finance instruments that are also focused on sustainable development, mobilizing capital for all developing economies," the CBA chairman mentioned.

He pointed out that the CBA is committed to supporting capacity building through organizing seminars and workshops with international partners, contributing to the creation of a well-functioning Islamic finance ecosystem.