Central Bank: Azerbaijan should make amendments in legislation for use of sukuk 

The Small and Medium Business Development Agency (SMBDA) is currently implementing a special project on sukuk (Islamic bonds) in Azerbaijan, official of the Central Bank of Azerbaijan (CBA) Samir Ismayilov said Thursday, Report informs.

According to him, the legislation should also be amended for the formation of a regulative frame for sukuk.

Today, a conference was held within the partnership of the Center for Economic Reforms Analysis and Communication (CERAC), the Islamic Corporation for the Development of the Private Sector (ICD), the Islamic Development Bank Group Business Forum (THIQAH), and the SMBDA.

ICD CEO Ayman Amin Sejiny said at the conference that the ICD will continue to support the development of member countries and explore new mechanisms for this purpose. This webinar is a part of the high-level plan for companies in Azerbaijan to have access to diversified financial sources.

CERAC Executive director Vusal Gasimli noted that the Islamic financial institutions are among the good platforms for an increase of accessibility to financial services in the real sector: “The projects and appropriate trends in Azerbaijan show that “sukuk” can become a leading mechanism in terms of development of the infrastructure in Azerbaijan. Therefore, Azerbaijan is a favorable economy for sukuk.”