(Dubai, UAE — May 2026): AlHuda Centre of Islamic Banking and Economics (CIBE), a globally recognized advisory and consultancy firm in Islamic banking and finance, has entered into a Strategic Partnership Agreement (SPA) with the Azerbaijan Micro-finance Association (AMFA) , the leading representative body for the micro-finance sector in Azerbaijan, and Finance and Social Innovation Consulting (FSIC) LLC, a consultancy firm specializing in financial inclusion and social innovation. The agreement was formalized in May 2026 to strengthen collaboration in the development and promotion of Islamic banking and financial inclusion across the Republic of Azerbaijan.
This strategic alliance aims to foster the development of Shariah-compliant financial solutions, enhance capacity building within the Azerbaijani micro-finance sector, and support advisory services for the integration of Islamic finance into the country’s financial system. The partnership will focus on key areas including advisory and consultancy, education and training, research and development, and joint conferences and awareness programs.
Through this collaboration, both organizations intend to leverage their expertise to introduce innovative Islamic banking products, conduct feasibility studies, provide strategic planning and Shariah advisory services, and support the regulatory and institutional framework for Islamic finance in Azerbaijan. The agreement also emphasizes mutual promotion, knowledge sharing, and joint efforts in organizing workshops, seminars, and high-level banking forums.
Muhammad Zubair Mughal, Chief Executive Officer of AlHuda CIBE, stated:
“We are pleased to partner with the Azerbaijan Micro-finance Association and FSIC LLC to introduce and scale Islamic banking services in Central Asia. This collaboration will help in developing sustainable and inclusive financial solutions aligned with Shariah principles, ultimately contributing to economic growth and financial inclusion in Azerbaijan.”
Ms. Jiale Hajiyeva, Executive Director of the Azerbaijan Micro-finance Association, expressed:
“This partnership marks a significant step towards enhancing our capabilities in Islamic banking. By working closely with AlHuda CIBE and FSIC, we aim to introduce innovative financial services and build strong human capital to serve our banking sector and communities better.”
Ms. Elnara Salimova, Director of Finance and Social Innovation Consulting LLC, expressed:
“This partnership marks a significant step towards enhancing our capabilities in Islamic banking. By working closely with AlHuda CIBE and AMFA, we aim to introduce innovative financial services and build strong human capital to serve our banking sector and communities better. We also acknowledge the support of our colleagues in making this collaboration possible.”
The agreement will initially remain effective for one year, with the possibility of renewal upon mutual consent. Both parties will work independently while maintaining a strong collaborative relationship to achieve shared objectives in promoting Islamic finance globally.
About AlHuda CIBE
AlHuda Centre of Islamic Banking and Economics (CIBE) is a prominent global institution providing advisory, consultancy, education, and research services in Islamic banking and finance. Since its establishment in 2005, AlHuda CIBE has been actively contributing to the development of the Islamic finance industry in more than 35 countries through its innovative solutions, training programs, and publications.
About the Azerbaijan Micro-Finance Association (AMFA)
The Azerbaijan Micro-Finance Association is the leading professional association representing the interests of micro-finance institutions and financial organizations in the Republic of Azerbaijan. It plays a key role in the development of the national micro-finance system, policy coordination, international cooperation, and the introduction of modern financial practices, including Islamic banking.
About Finance and Social Innovation Consulting (FSIC) LLC
Finance and Social Innovation Consulting LLC is a leading consultancy firm based in Azerbaijan, specializing in financial inclusion, social innovation, and sustainable development, supporting financial institutions in integrating modern financial practices including Islamic banking.
For Media Contact:
AlHuda CIBE
Ms. Shaguftta Perveen
Manager Communications
Email: info@alhudacibe.com
Phone: +971 52 865 5523