Preparations are underway for the issuance of sukuk (Islamic bonds) in Azerbaijan for the first time, said Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov at the 20th Global Islamic Finance Forum of the Islamic Development Bank, organized within the framework of the Islamic Development Bank Annual Meetings held in Baku, APA-Economics reports.
According to him, a legal and institutional framework for sukuk issuance is being established in the country as part of a project implemented jointly with the Bank:
“Azerbaijan is implementing a project jointly with the Islamic Development Bank Group to create Islamic finance infrastructure. As a result of this project, it is expected that a solid legal and regulatory framework will be established, the capacity of financial institutions in Islamic finance will be enhanced, a monitoring and evaluation system will be created, and ultimately the groundwork will be laid for Azerbaijan’s first sukuk issuance. Through this, we will further diversify our financial sector.”
He also stressed that Islamic finance serves as a unifying financial language between regions, facilitating cross-border investments and private sector development:
“We are committed to integrating Islamic finance into the financial architecture and expect that the reforms being carried out will deepen financial markets and attract foreign investment. Islamic finance serves as a unifying financial language between regions, facilitating cross-border investments and private sector development. Azerbaijan is fully ready to contribute to this vision.”
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