BAKU, Azerbaijan, June 17. Azerbaijan can
become an important financial hub in the sukuk market as its
regional and global role in cross-border economic integration
continues to expand, Khalid Khalafalla, CEO of the Islamic
Corporation for the Insurance of Investment and Export Credit
(ICIEC) and Acting CEO of the Islamic Corporation for the
Development of the Private Sector (ICD), said in an exclusive
interview with Trend
within the framework of the 51st Annual Meeting of the Islamic
Development Bank Group in Baku.


In his interview, he spoke about Azerbaijan's growing role in
regional and global economic integration.


According to the CEO, Baku hosting the annual meeting for the
second time in a short period confirms Azerbaijan's strategic
importance within the Middle Corridor and the wider Central Asian
region.


"Hosting our annual meeting in Baku for the second time in less
than 15 years is an indicator of how important a role Azerbaijan
plays within the Middle Corridor and the Central Asian region.
Azerbaijan has great potential in strengthening interregional
connectivity, drawing upon its historical Silk Road tradition,"
Khalafalla emphasized.


He noted that the ICD and other partner institutions are working
to expand regional integration through programs extending beyond
Central Asia. "The goal is not only Central Asia, but also to
attract more business from the Middle East to Azerbaijan, while
simultaneously bringing Azerbaijani businesses out to regions like
Southeast Asia and Africa. We see great potential for Azerbaijani
companies," he said.







Khalid Khalafalla added that Azerbaijani companies can become
more competitive on a global scale by utilizing both financial and
insurance services.


Answering questions, he also spoke about new financial
instruments. According to him, the sukuk market is one of the key
directions.


"Sukuk is among our existing products. At the ICD, we provide
advisory services on sukuk and support capital raising. Meanwhile,
at ICIEC, we promote a new product called sukuk insurance, which
serves to upgrade the credit rating of sukuks and expand issuance
opportunities," he added.


According to him, these instruments can strengthen Azerbaijan's
access to the sukuk market and accelerate the country's regional
and global financial integration.