BAKU—In a strategic move to broaden its financial services, Azerbaijan is engaging with the Islamic Chamber of Commerce and Development (ICCD) to enhance the development of Islamic finance within the nation.

According to Trend News Agency, Taleh Kazimov, chairperson of the Central Bank of Azerbaijan (CBA), announced that discussions took place with an ICCD delegation led by Secretary-General and CEO of Al Baraka Banking Group, Yousef Hassan Khalawi. The meeting focused on potential collaboration opportunities in Azerbaijan’s banking sector and the overall advancement of Islamic finance.

The dialogue covered various aspects of this cooperative effort, including the significant strides already made and future prospects for the sector. This initiative aligns with Azerbaijan's goal to diversify its financial services and integrate more closely with international financial systems that adhere to Islamic principles.

Additionally, Azerbaijan's Rabitabank OJSC has recently signed a $15 million agreement with the International Islamic Trade Finance Corporation (ITFC) aimed at bolstering the private sector. This agreement specifically targets the establishment of commercial financing mechanisms tailored to the diverse needs of private sector clients, particularly supporting small and medium-sized enterprises in compliance with Islamic financial standards.