The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, and Azerbaijan Banks Association (ABA), jointly held a webinar on March 9, 2022, and discussed a roadmap on viable alternative financing tools in Azerbaijan which is expected to ultimately lead to the development of concrete financing solutions for potential banks and non-banking institutions operating in Azerbaijan.
The event was officiated by Mr. Yunus Abdulov, Executive Director of the Azerbaijan Banks Association (ABA), and Mr. Zakir Nuriyev, Chairman of the ABA. ABA views Islamic finance as an alternative banking and financing model which can add to the existing options for financing key economic sectors in Azerbaijan, facilitate and promote the building and development of stronger economic ties and cooperation in trade and investment between Azerbaijan and other member countries of ICD.
The welcoming remarks for the webinar was delivered by Mr. Ayman Amin Sejiny, Chief Executive Officer of the ICD.
In his address, Mr. Sejiny observed that "Islamic finance has now become a viable alternative and innovative source of funding sustainable investments necessary to drive economic growth and diversity in the region." He noted further that Islamic financing was emerging as a viable instrument for financing SMEs in the 55 member countries of ICD and beyond.
The webinar introduced ICD Line of Financing Products as alternative financing tool to finance SMEs and their projects via local banks and non-banking financial institutions in Azerbaijan. It also was an opportunity for the participants to share information about ICD's “Islamic Window Advisory Services”.
The highly acclaimed dialogue again provided an avenue to exchange views and gather feedback on possible financing opportunities for ICD through its Line of Financing product.
The event was structured in two sessions, both of which were moderated by Mr. Samir Taghiyev, head of CIS and Europe at RMPD/ICD. The main speaker at the opening session of the webinar was Mr. Emil Mammadli, Investment Officer, FI Financing & Guarantees at ICD, while the speaker in the second session was Mr. Muzaffarjon Nizamidinov, a Principal officer of the Advisory Division, Global Markets Equity Department of ICD.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies of its member countries, and encouraging cross border investments.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information on ICD visit: www.icd-ps.org
About the Azerbaijan Banks Association
The Public Union “Azerbaijan Banks Association” (“ABA”) was established in 1990 on the principles of a voluntary union of members enjoying equal rights. ABA is a not-for-profit non-governmental organization, which unites, on the basis of common interests and irrespective of legal and organizational forms, banks and non-bank credit institutions as well as other entities with activities in the Republic of Azerbaijan related to the monetary and credit system.