15:31 - 23.10.2025

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October 23, Fineko/abc.az. Islamic finance is invaluable in terms of the development of small and medium-sized businesses in Azerbaijan.

ABC.AZ informs, quoting executive director of the Center for Analysis of Economic Reforms & Communications Vusal Gasimli at the Islamic Financial Forum 2025 in Baku.

He added that there are several areas related to Islamic finance: "First of all, we must achieve legislative reforms. Of course, approach "if there is somewhere, then there must be with us» is incorrect here. We have to adapt. The second issue should be the personnel reserve, even if the legislation changes. The third issue is infrastructure development and adaptation. The fourth issue is cooperation with international organizations in the field of Islamic finance. Because 70% of the $5 trillion in Islamic finance is in these banks, 20% is in Islamic funds, and the rest is in other financial institutions."

"Attracting Islamic finance to the country would be useful for infrastructure development, as large construction works are currently underway in the territories liberated from occupation," Gasimli added.