16:12 - 17.06.2026

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June 17, Fineko/abc.az. Azerbaijan has the potential to take a central role in promoting Islamic finance throughout the Central Asian region, Khalid Khalafalla, acting chief executive officer of the Islamic Corporation for the Development of the Private Sector (ICD), told journalists on the sidelines of the Islamic Development Bank Group (IsDB) annual meetings in Baku.

He noted that the ICD has made a significant contribution to promoting private sector development in all IDB member countries.

"We certainly see opportunities for private sector development in Azerbaijan. This primarily concerns the financing of infrastructure projects. Infrastructure in a broad sense, whether it's renewable energy, telecommunications, or digitalization, is a priority area. Another important area is development and expansion of Islamic finance.

As part of the IsDB Group, we are committed to promoting Islamic finance. We maintain close cooperation with a number of Azerbaijani banks in providing credit lines. We see significant potential in this area, as such credit lines are primarily aimed at supporting small and medium-sized enterprises (SMEs). This is precisely the area that contributes to the creation of new jobs and economic diversification, reducing dependence on the hydrocarbon sector," emphasized Khalafalla.

The acting chief executive officer of ICD indicated that the Corporation expects to expand its partnership with Azerbaijan in the future.

"This is a wonderful opportunity to organize the annual meeting here in Baku for the second time in the past 16 years. This is a clear confirmation of Azerbaijan's development, achievements, and economic growth as an important link in the Middle Corridor of the region. We see enormous potential here, including in expanding the practice of Islamic finance. We view this area as highly promising for Azerbaijan, which is capable of assuming a key role in the entire Central Asian region," he said.