Baku: The halal economy is no longer limited to products, markets or financial institutions; it has evolved into a broad ecosystem that transcends global borders and promotes regional integration, First Deputy Minister of Finance of Azerbaijan Anar Karimov said at the Ministerial Session titled 'Halal Economy for Sustainable Regional Integration' held within the framework of the 2026 Annual Meetings of the Islamic Development Bank (IsDB) Group in Baku, APA reports.
According to Azeri-Press news agency, Karimov stated that the importance of the halal economy has increased significantly in recent years and that it has become an important platform for expanding regional cooperation. He emphasized that the current focus is on global ecosystems that connect different markets and sectors, driven by core values such as trust, transparency, responsibility, and ethics.
The deputy minister highlighted that these principles are crucial amid today's global challenges. He noted that economic cooperation requires trust and responsibility, alongside economic opportunities and a sustained approach. Azerbaijan, he explained, prioritizes maintaining economic stability and a reliable financial system, supported by strategic foreign exchange reserves exceeding $88 billion.
Karimov also discussed the development of Islamic finance as a priority for Azerbaijan. He described Islamic finance as more than an alternative financial model, emphasizing its foundation on partnership, risk-sharing, and investment. The development of Islamic finance, he noted, is integral to Azerbaijan's policy for economic diversification and financial inclusion.
He pointed out that takaful services are already available in Azerbaijan, and that financial institutions are adopting Islamic finance instruments like murabaha. Positive signals from the private sector suggest new Islamic finance projects may soon be announced.
Karimov further noted Azerbaijan's strategic location at the crossroads of East-West and North-South transport routes, positioning the country as a regional hub with significant advantages for regional economic integration. This geographical position, he stated, offers opportunities for national development and expanding regional cooperation in trade, investment, and technology transfer.
Concluding his remarks, Karimov stressed the importance of building stronger connections among countries for the future of the halal economy. Success in establishing these links, he asserted, would make the halal economy a major driver of regional integration, shared prosperity, and sustainable development.