Taleh Kazimov: Preparations are underway in Azerbaijan for the issuance of the first sukuk

Azerbaijan is preparing for the issuance of its first sukuk - the Islamic equivalent of bonds.

As reported by BAKU.WS with reference to Report, this was announced by the Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov at the "20th IsDB Global Forum on Islamic Finance," organized within the framework of the 51st Annual Meeting of the Islamic Development Bank (IsDB) Group in Baku.

According to him, a joint project with IsDB is being implemented in Azerbaijan in order to create a favorable environment for the introduction of sukuk:

"The project is expected to create conditions for establishing a solid legal and regulatory framework, strengthening the capacity of financial institutions in the field of Islamic finance, creating monitoring and evaluation mechanisms, as well as carrying out the first sukuk issuance in Azerbaijan. This step will serve to diversify the financial sector."

T. Kazimov added that Azerbaijan is developing sustainability-oriented Islamic financial instruments: "Azerbaijan has integrated ESG (Environmental, Social, and Governance) principles into its national development strategy. In this regard, Islamic finance, which prioritizes real sector financing, is fully aligned with our country's development goals."