The presentation of the textbook "Islamic Financial System and Its Prospects in Azerbaijan," prepared jointly by the Center for Analysis of Economic Reforms and Communication (CAERC) and the Azerbaijan Institute of Theology (AIT), was held.

During the event, Agil Shirinov, rector of the Institute of Theology, highlighted the significance of the collaboration with CAERC and the role of the textbook in raising awareness about Islamic finance. He mentioned the corresponding Educational Program prepared in parallel, enhancing the practical importance of the textbook.

Professor Vusal Gasimli, Executive Director of CAERC, emphasized that creating a book on Islamic finance is a necessity in today's reality. He noted that the Islamic financial system, aligned with global business trends, involves money management based on Islamic principles. V. Gasimli stated, "Islamic finance is one of the solutions that guide us to address one of the classical problems of economics - justice, efficiency, and freedom." He pointed out that the Islamic financial sector adapts to global trends through South-South, North-South, and Triangle cooperation formats, promoting the fair distribution of resources, knowledge, and experience.

Gasimli highlighted how Islamic finance aligns with the UN Sustainable Development Goals, fostering social responsibility within the ESG (environmental, social, and governance) framework. He emphasized the sector's interest in green and sustainable products, particularly green sukuk, as a response to climate change-related financial risks.

The foreword of the textbook was written by Zahra Zumrüd, the General Director of the Statistical, Economic and Social Research and Training Center for Islamic Countries of the Organization of Islamic Cooperation, while the introductory part was composed by Professor Vusal Gasimli. The scientific editors of the book are the Rector of AII, Associate Professor Agil Shirinov, and the Head of the Department, Associate Professor Ahmed Niyazov. The reviewers are the Head of UNEC Islamic Finance Center, Professor Zahid Mammadov, and Professor Sarvar Abbasov of Baku State University. The decision to publish the book was recommended by the Scientific Council of the AIU.

The textbook addresses Islamic economy, the Islamic financial system, and the elements and characteristic features of this system. The authors elucidate the theoretical essence and principles of Islamic economy, clarifying the socio-economic aspects of concepts such as "zakat," "infaq," "garzi-hasan," "expiation," and others related to Islamic economy and finance.

Several dignitaries, including Sayavush Heydarov (Deputy Chairman of the State Committee for Work with Religious Organizations), Jeyhun Mammadov (Deputy Chairman), and Fuad Nurullayev (Deputy Chairman of the Caucasian Muslims Administration), spoke about the book's importance.