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.
