RIYADH, Saudi Arabia, April 27. The Islamic Financial Services Board (IFSB) is looking forward to having Azerbaijan to develop the Islamic financial industry, Dr. Ghiath Shabsigh, Secretary-General of the IFSB told Trend on the sidelines of the Islamic Development Bank (IsDB) annual meeting in Riyadh.
“Islamic finance now has matured globally and there are large number of countries applying it. We see that kind of demand is there. Certainly it is contributing to the economic development of these countries. The framework is there: we have regulations, standards and they can be easily implemented. We really look forward to have Azerbaijan if necessary to implement these standards and develop Islamic financial industry there,” he said.
Shabsigh pointed out that IFSB can help regulators adopt Islamic finance standards, change their laws and regulations to incorporate these standards.
“That will help the industry and allow them to operate in a safe way and in a prudent way. On a global scale Islamic finance has grown by about 14 percent over the past five years annually. That’s a huge growth. In our membership among non-Muslim countries we have UK, China, Germany, Japan. Islamic banking operates very profitably in non-Muslim countries as well,” said the IFSB secretary general.
He noted that when countries adopt Islamic finance, they deepen the market, as they have more options, more instruments.
“The extend of development of Islamic finance depends on the economic situation,” Shabsigh concluded.
The Islamic Development Bank Group (IsDB) is holding its 2024 Annual Meetings and Golden Jubilee in Riyadh from April 27-30, under the Royal Patronage of the Custodian of Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme of “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”, which marks IsDB’s 50 years of fostering socio-economic development in its member countries.
Among other topics, the meetings will also feature a roundtable on COP29 with the participation of Azerbaijani government representatives.
As the premier South-South multilateral development Bank, the 2024 IsDB Group Annual Meetings and Golden Jubilee are expected to attract international and regional attention. The Annual Meetings will feature a series of side events with top-level panelists from government, international and regional organizations, the private sector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57 member countries will participate in the event, along with representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development finance institutions, international and regional organizations, NGOs, chambers of commerce & Industry, and business councils.