ALMATY, Kazakhstan, June 26. The Islamic
Development Bank (IsDB) is fully committed to supporting the
development of Islamic finance in Azerbaijan, a representative of
IsDB and an expert on Islamic finance, Yahya Rehman, told Trend on the sidelines of
the Eurasian Development Bank (EDB) Annual Meeting and Business
Forum.
"Just last week, we held our annual meeting in Baku. We see
Azerbaijan's strong interest in developing Islamic finance. We are
working with the Central Bank of Azerbaijan to develop the legal
and regulatory framework. We also recently launched a new capital
markets technical assistance project related to the issuance of
sukuk," Rehman said.
He noted that Azerbaijan is actively working to establish the
necessary framework and foster a favorable ecosystem for the
development of Islamic finance.
"The prospects are very good, as it's a developing economy with
strong economic fundamentals. The potential for Islamic finance in
Azerbaijan is significant, and the Islamic Development Bank is
fully committed to supporting this process," the bank's
representative added.
