RIYADH, Saudi Arabia, April 27. The Islamic
Financial Services Board (IFSB) is looking forward to having
Azerbaijan to develop the Islamic financial industry, Dr. Ghiath
Shabsigh, Secretary-General of the IFSB told Trend on the sidelines of
the Islamic Development Bank (IsDB) annual meeting in Riyadh.
“Islamic finance now has matured globally and there are large
number of countries applying it. We see that kind of demand is
there. Certainly it is contributing to the economic development of
these countries. The framework is there: we have regulations,
standards and they can be easily implemented. We really look
forward to have Azerbaijan if necessary to implement these
standards and develop Islamic financial industry there,” he
said.
Shabsigh pointed out that IFSB can help regulators adopt Islamic
finance standards, change their laws and regulations to incorporate
these standards.
“That will help the industry and allow them to operate in a safe
way and in a prudent way. On a global scale Islamic finance has
grown by about 14 percent over the past five years annually. That’s
a huge growth. In our membership among non-Muslim countries we have
UK, China, Germany, Japan. Islamic banking operates very profitably
in non-Muslim countries as well,” said the IFSB secretary
general.
He noted that when countries adopt Islamic finance, they deepen
the market, as they have more options, more instruments.
“The extend of development of Islamic finance depends on the
economic situation,” Shabsigh concluded.
The Islamic Development Bank Group (IsDB) is holding its 2024
Annual Meetings and Golden Jubilee in Riyadh from April 27-30,
under the Royal Patronage of the Custodian of Two Holy Mosques,
King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme of
“Cherishing our Past, Charting our Future: Originality, Solidarity
and Prosperity”, which marks IsDB’s 50 years of fostering
socio-economic development in its member countries.
Among other topics, the meetings will also feature a roundtable
on COP29 with the participation of Azerbaijani government
representatives.
As the premier South-South multilateral development Bank, the
2024 IsDB Group Annual Meetings and Golden Jubilee are expected to
attract international and regional attention. The Annual Meetings
will feature a series of side events with top-level panelists from
government, international and regional organizations, the private
sector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB’s 57
member countries will participate in the event, along with
representatives of international and regional financial
institutions, Islamic banks, private sector companies, national and
international development finance institutions, international and
regional organizations, NGOs, chambers of commerce & Industry, and
business councils.
