Baku: The Islamic finance industry is experiencing a robust growth rate of approximately 20% per year, as highlighted by Syed Husain Quadri, Director of PGARM at the Islamic Development Bank Group. This was discussed during the '8th SDG Dialogue: Innovative Financing for Sustainable Development - Beyond Aid and Traditional Official Development Assistance (ODA)' session, part of the Islamic Development Bank Annual Meetings held in Baku.

According to Azeri-Press news agency, Quadri emphasized that the sector's size is projected to reach around $6 trillion by the end of 2024, based on analysis from the ICD Institute. This growth is significant when compared to the $4 trillion financing gap needed to achieve the Sustainable Development Goals (SDGs). Quadri pointed out the potential for leveraging this growing sector through innovative instruments like green sukuk and social sukuk, with the overall sukuk market valued at approximately $50 billion.

Quadri also highlighted the Islamic Development Bank's pioneering role in Islamic finance. The bank was the first international financial institution to issue Green and Social Sukuk in 2019. Last year, it successfully issued a £500 million Green Sukuk on the London Stock Exchange, which saw demand five times higher than the supply. This high demand underscores the strong market interest in these financial instruments, according to Quadri.