2024-05-01 23:29:20
The Islamic Financial Services Board (IFSB) hopes that Azerbaijan will develop the Islamic financial industry.
As Day.Az reports, IFSB Secretary General Giat Shabsig told Trend about this on the sidelines of the annual meeting of the Islamic Development Bank (IsDB) in Riyadh.
“Islamic finance has now reached maturity all over the world, and there are a large number of countries that are using it. We see that there is such a demand. Of course, it contributes to the economic development of these countries. We have rules, standards, and they can be easily implemented. We really hope that Azerbaijan, if necessary, will implement these standards and develop the Islamic financial industry,” he said.
Shabsig noted that the IFSB can help regulators adopt Islamic finance standards and change their laws and regulations to incorporate those standards.
“This will help the industry and allow it to operate safely and smartly. Globally, Islamic finance has grown at about 14 percent annually over the past five years. This is huge growth.
Our membership among non-Muslim countries is Great Britain, China, Germany, Japan. Islamic banking is very profitable in non-Muslim countries as well,” said the IFSB Secretary General.
He noted that when countries accept Islamic finance, they deepen the market because they have more opportunities, more tools.
“The scale of development of Islamic finance depends on the economic situation,” Shabsig concluded.
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 member 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 with the participation of senior 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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