Azerbaijan assessing use of Islamic finance instruments, minister says

Azerbaijan, together with its central bank and institutions of the Islamic Development Bank (IsDB) Group, is assessing opportunities for the use of Islamic finance instruments, Economy Minister Mikayil Jabbarov said.

He said consultations were regularly taking place with the participation of the Central Bank of Azerbaijan and relevant IsDB institutions.

“The process is under joint review and assessment,” Jabbarov said on the sidelines of the IsDB annual meetings in Baku when asked about the possible use of Islamic finance instruments, including sukuk.

He said the main objective was to expand access to financing for economic actors in Azerbaijan.

According to Jabbarov, institutions within the AAA-rated IsDB Group offer additional opportunities to support trade, investment and business activities across member countries.

N.Tеbrizli