BAKU, Azerbaijan, June 17. Strengthening
financial system stability is helping unlock greater participation
from the private sector, according to the Executive Director of the
Central Bank of Azerbaijan, Shahin Mahmudzade, Trend's correspondent
reports from the event.
Shahin Mahmudzade made the remarks during the 20th Islamic
Development Bank (IsDB) Global Forum on Islamic Finance, held in
Baku as part of the Annual Meeting of the IsDB Group.
He said the Central Bank’s efforts to modernize the regulatory
framework over the past three years have gone beyond traditional
banking reforms and now include new areas such as market conduct
standards and environmental, social, and governance (ESG)
principles.
Mahmudzade noted that reforms have also extended to the capital
markets, where amendments to existing legislation have been
introduced and several new draft laws have been submitted to the
government. These include proposed frameworks covering rating
agencies, derivatives, venture capital, and crowdfunding.
He added that Azerbaijan’s insurance sector has also undergone
significant regulatory updates, including a near-complete revision
of laws governing mandatory insurance products, some of which are
already under government review.
According to Mahmudzade, these reforms are designed to improve
financial stability and create a more attractive environment for
private sector investment and long-term capital mobilization.
