BAKU, Azerbaijan, June 16. New Islamic finance
projects may be introduced in Azerbaijan soon, First Deputy
Minister of Finance of Azerbaijan, Anar Karimov, said at the 14th
Islamic Development Bank (IsDB) Group Private Sector Forum,
Trend‘s
correspondent reports from the event.
He noted that the forum has become an important platform for
dialogue between representatives of government agencies,
businesses, the expert community, and financial institutions.
According to Karimov, today the discussion is no longer limited
to halal products or individual markets, but rather the formation
of a global ecosystem.
“We are already talking about a global ecosystem that unites
numerous regions and markets and extends beyond national borders,”
he said.
The official emphasized that the halal economy is becoming an
important tool for regional integration and is based on principles
such as trust, transparency, responsibility, and ethical
standards.
Karimov noted that Azerbaijan places special emphasis on
stability and trust-building in developing the halal economy.
According to him, the country’s international currency reserves
already exceed $88 billion, creating a solid foundation for
macroeconomic stability.
“We have managed to accumulate significant foreign exchange
reserves, which provide a reliable foundation for stability,” he
stated.
Karimov also spoke about the development of Islamic financial
instruments in Azerbaijan.
He pointed out that Islamic finance is viewed not only as an
alternative financial model but also as a tool for partnership,
risk sharing, and investment.
“For us, the development of Islamic finance is not simply the
creation of a new market segment. It is part of broader efforts to
diversify the economy, expand financial inclusion, and support the
private sector,” the official said.
According to him, takaful services are already available in
Azerbaijan, and financial institutions have begun offering Islamic
banking products.
Karimov noted that some banks are already using Islamic
financing instruments such as murabaha and mudaraba.
He also announced that new projects in Islamic finance may be
announced in the near future.
The deputy minister emphasized that Azerbaijan’s strategic
location at the intersection of the East-West and North-South
transport corridors creates additional opportunities for the
country’s development.
“Azerbaijan has the potential to become a regional hub that will
contribute not only to national development but also to regional
integration in the halal economy,” Karimov mentioned.
He noted that such efforts contribute to the development of
trade, investment, technological cooperation, and various sectors
of the economy, including agriculture.
Karimov also underscored the importance of cooperation with the
Islamic Development Bank Group.
According to him, for more than three decades, the bank has
remained a reliable partner of Azerbaijan and contributed to the
country’s economic development, including the restoration of
liberated territories.
“The future of our economy depends not only on the growth of
individual markets, but also on our ability to build
connections—between countries, businesses, investors, and
opportunities, as well as between ethical principles and economic
growth,” he said.
In conclusion, the official said that Azerbaijan is ready to
continue collaborating with all partners to advance this
agenda.
“If we succeed, the halal economy can become a powerful driver
of regional integration, shared prosperity, and sustainable
development,” Karimov added.
