BAKU, Azerbaijan, May 7. Islamic finance
instruments will enable Azerbaijan to get access to a deep market,
Chairman of the Islamic Development Bank (IsDB) Group Dr. Muhammad
Sulaiman Al Jasser said in an exclusive interview with Trend, as he visited Azerbaijan.
Al Jasser noted that the government has taken a very positive
approach to the Islamic financing development in the country.
“First, they have developed Islamic banking mechanisms,
including the necessary regulatory framework for a well-functioning
Islamic finance market. That has already been put in place, and we
have provided technical assistance in this regard. Second, as we
speak about diversification, we also want to diversify sources of
finance, so that both investors and the government have a wider
range of instruments to choose from. Sukuk and other Islamic
finance instruments will now be available, enabling Azerbaijan to
get access to a deep market,” he said.
The IsDB Group chairman noted that Islamic finance today is a
market of about 3.5 trillion dollars, so this also gives access to
a bigger market, while maintaining access to traditional
markets.
“In effect, it broadens the base and increases the availability
of finance for projects needed at this stage of development. It is
about diversifying sources of finance, which in turn supports the
wider diversification of the economy—whether in agriculture,
industry, digital development, or renewable energy. There is
already a lot that the country is doing, and even more that it can
do going forward. We believe Islamic finance can provide additional
support to that process,” he explained.
