The halal economy is no longer limited to products, markets or financial institutions; it has evolved into a broad ecosystem that transcends global borders and promotes regional integration, First Deputy Minister of Finance of Azerbaijan Anar Karimov said at the Ministerial Session titled “Halal Economy for Sustainable Regional Integration” held within the framework of the 2026 Annual Meetings of the Islamic Development Bank (IsDB) Group in Baku, APA reports.
Karimov stated that the importance of the halal economy has increased significantly in recent years and that it has become an important platform for expanding regional cooperation.
“Today, we are no longer talking only about halal products, halal markets or halal institutions. We are talking about global ecosystems that transcend borders and connect different markets and sectors. The halal economy has become a powerful tool for regional integration, built on fundamental values such as trust, transparency, responsibility and ethics,” he emphasized.
The first deputy minister noted that the importance of these principles has become even more evident amid current global challenges.
“Developments around the world today show that values such as trust and responsibility are essential prerequisites for economic cooperation. Successful regional integration requires not only economic opportunities, but also the right approach and sustained attention,” Karimov said.
He stressed that Azerbaijan places special importance on maintaining economic stability and a reliable financial system.
“Today, Azerbaijan’s strategic foreign exchange reserves have exceeded $88 billion. This provides a solid foundation for the country’s economic stability and enables the implementation of a long-term development strategy,” he noted.
According to Karimov, the development of Islamic finance is also among Azerbaijan’s priorities.
“For us, Islamic finance is not merely an alternative financial model. This model is based on partnership, risk-sharing and investment. Therefore, the development of Islamic finance is not only about creating a new market segment, but also an integral part of our policy aimed at economic diversification, financial inclusion and support for the private sector,” he said.
Karimov added that takaful services are already available in Azerbaijan, while financial institutions have begun introducing Islamic finance instruments such as murabaha.
“We are receiving positive signals from the private sector regarding new Islamic finance projects. I believe we will witness the announcement of new initiatives in this area in the near future,” he stressed.
He also noted that Azerbaijan’s location at the intersection of the East-West and North-South transport routes provides the country with significant advantages as a regional hub.
“Azerbaijan’s strategic geographical position creates opportunities for the country to become one of the main centers of regional economic integration. This potential is important not only for national development, but also for expanding regional cooperation in trade, investment, technology transfer and various industrial sectors,” he said.
Concluding his remarks, Karimov emphasized that the future of the halal economy depends on building stronger connections among countries.
“The future of the halal economy depends not on the growth of individual markets, but on our ability to build connections between countries, businesses, investors and opportunities. If we succeed in doing so, the halal economy will become a major driver of regional integration, shared prosperity and sustainable development,” the first deputy finance minister added.
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