Azerbaijan may apply TURKPA's experience in Islamic finance

The experience of the Parliamentary Assembly of Turkic-speaking countries (TURKPA) on Islamic finance can be applied in Azerbaijan if it is accelerated in other member countries, or modern legislation is created, Vice President of the National Confederation of Entrepreneurs (Employers) Vugar Zeynalov told a conference on "Innovative activities of small and medium enterprises in stabilizing economic growth in the post-pandemic period", co-organized by the Milli Majlis and TURKPA in Baku, Report informs.

Vugar Zeynalov said that he sees the role of TURKPA in the development of Islamic finance: "The most important issue today is the access of businesses to financial instruments. For this purpose, we need to increase the variety of financial instruments. The range of financial instruments in Azerbaijan is still small. There is a factoring service, but it has not developed. That is, Islamic finance is an important instrument in promoting financial tools. Many of our believers are left out of the economy. Most believers do not go to the bank. We cannot use their finances in the economy."