Islamic finance instruments are set to play an important role in helping Azerbaijan access broader international financial markets, according to Chairman of the Islamic Development Bank (IsDB) Group, Dr. Muhammad Sulaiman Al Jasser. He shared these remarks during an exclusive interview with Trend while visiting Azerbaijan.
Al Jasser praised the Azerbaijani government for taking significant steps toward the development of Islamic finance in the country. He noted that Azerbaijan has already introduced Islamic banking mechanisms and established the necessary regulatory framework to support a well-functioning Islamic finance market. The IsDB Group has also provided technical assistance to support these developments.
He explained that economic diversification should also include diversification of financing sources. According to him, the introduction of sukuk and other Islamic finance instruments will allow both investors and the government to access a wider range of financial tools and investment opportunities.
Al Jasser highlighted that the global Islamic finance market is currently valued at around $3.5 trillion, offering Azerbaijan access to a large and growing financial sector while still maintaining links with traditional financial markets. This broader access can help increase funding availability for development projects across multiple sectors.
He further stated that Islamic finance can support Azerbaijan’s long-term economic goals, including growth in agriculture, industry, digital transformation, and renewable energy. While acknowledging the progress already made by the country, Al Jasser expressed confidence that Islamic finance would provide additional support for Azerbaijan’s future economic development.