BAKU, Azerbaijan, June 22. The Central Bank of
Azerbaijan (CBA) and the Islamic Financial Services Board (IFSB)
have discussed prospects for cooperation, the CBA announced in a
statement.


According to CBA, Aliyar Mammadyarov, First Deputy Governor of
the Central Bank, met with Ghiath Shabsigh, Secretary-General of
the Islamic Financial Services Board, who is visiting the country
within the framework of the 51st Annual Meetings of the Islamic
Development Bank (IsDB) Group.


"Within the framework of the meeting, the development dynamics
of the financial sector were discussed, and an exchange of views
took place on initiatives implemented toward expanding financial
inclusion and increasing the sector's resilience," the statement
noted.


During the meeting, cooperation prospects in areas of mutual
interest were also reviewed.


More than 1,400 representatives from 60 countries participated
in the 14th Private Sector Forum, organized within the framework of
the 51st Annual Meetings of the IsDB Group held in Baku from June
16 to 19. During the forum, 32 agreements and memorandums of
understanding with a total value exceeding $4.7 billion were
signed, and more than 250 B2B and B2G meetings were held.


Speaking at the opening ceremony, Mikayil Jabbarov, Chairman of
the IsDB Group Board of Governors and Minister of Economy, stated
that Azerbaijan attaches great importance to its partnership with
the IsDB Group. "Combining the country's investment potential with
the financial capabilities, global experience, and extensive
network of the IsDB Group opens new opportunities for projects that
accelerate economic growth and create long-term benefits for the
region," the minister emphasized.







IsDB Group President Muhammad Al Jasser noted that "the private
sector is a leading force in the development process, and the
Bank's main mission is to eliminate barriers, reduce risks, and
create new opportunities."


Within the framework of the forum, financial institutions
belonging to the IsDB Group presented their financial instruments
for trade financing, investment insurance, export credits, and
private sector financing to the participants.


In an exclusive interview with Trend, 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), stated that Azerbaijan has
the potential to become a regional hub in the field of Islamic
finance. According to him, the country can become an important
financial center, particularly in the sukuk market.


"Sukuk is one of our main products. ICD provides advisory
services on sukuk issuances and supports capital raising.
Meanwhile, ICIEC promotes a new product called sukuk insurance,
which serves to upgrade the credit rating of sukuk and expand
issuance opportunities," Khalid Khalafalla told Trend.


According to him, these financial instruments can expand
Azerbaijan's access to international capital markets and further
accelerate the country's regional and global financial
integration.