2024-04-27 15:26:48
The Islamic Development Bank Institute (IDB) is working closely with Azerbaijan in developing the regulatory framework for Islamic finance.
As Day.Az reports, Acting Director General of the Institute of the Islamic Development Bank Sami Al-Suwailem told Trend about this on the sidelines of the annual meetings of the IDB in Riyadh.
“Islamic finance has the potential to motivate people to show solidarity in their communities, direct capital to projects that create real prosperity and allow the redistribution of wealth between communities,” he emphasized.
Al-Suwailem mentioned that Islamic finance basically has the necessary ingredients to support economic development, prosperity of society.
“From this point of view, Azerbaijan and other countries in the region have very good potential. The Islamic Development Bank Institute is working closely with Azerbaijan, as well as Kazakhstan and other countries, in developing a regulatory framework for Islamic finance. We are working together with the authorities to create the appropriate mechanisms necessary for development of Islamic finance in these countries,” added the acting director general of the IDB.
It should be noted that from April 27 to 30, the annual meetings and golden jubilee of the Islamic Development Bank Group (IDB) are being held in Riyadh (Saudi Arabia) under the royal patronage of the Custodian of the Two Holy Mosques, King of Saudi Arabia Salman bin Abdulaziz Al Saud.
The theme for the 2024 meetings is “Treasuring the Past, Charting the Future: Originality, Solidarity and Prosperity.” These meetings mark 50 years of the bank’s activities to promote socio-economic development in participating countries.
As part of the event, it is planned to hold a round table on the topic of COP29 with the participation of representatives of the Azerbaijani government.
The Group’s annual meetings and the golden jubilee of the IDB, which is the leading multilateral development bank for South-South cooperation, are expected to attract international and regional attention. The annual meetings will include a series of side events involving high-level representatives from government, international and regional organizations, the private sector, academia and civil society.
The events will be attended by ministers of economy, planning and finance from 57 IDB member countries, as well as representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development financial institutions, international and regional organizations, NGOs, chambers of commerce and industry and business advice.
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