Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication (CAERC), Ph.D., Professor, delivered a speech at the opening ceremony of the “Islamic Finance Forum 2025” held in Baku.

The forum was organized on the initiative of the “Economic Resources Research” Public Union, with the support of UNEC, and in partnership with CAERC, the Central Bank of the Republic of Azerbaijan, the Small and Medium Business Development Agency of the Republic of Azerbaijan, the State Agency for Support to Non-Governmental Organizations of the Republic of Azerbaijan, the Participation Banks Association of Turkey, the National Confederation of Entrepreneurs Organizations of the Republic of Azerbaijan, and the Azerbaijan Microfinance Association.

In his speech, Vusal Gasimli emphasized the key directions for developing Islamic finance in Azerbaijan. According to him, issues such as workforce development, institutional capacity building, improvement of legislation, strengthening cooperation with leading global Islamic finance institutions, and attracting investment through Islamic finance channels—particularly in post-conflict reconstruction—are current topics of discussion.

The Executive Director of CAERC stated that Islamic finance, which aligns with global business trends, is the management of money according to Islamic principles. Islamic finance provides solutions to one of the classic challenges of the economy—balancing justice, efficiency, and freedom. The Islamic finance sector adapts to global trends within South-South, North-South, and Triangular cooperation formats and promotes the fair distribution of resources, knowledge, and expertise. Islamic finance aligns with the UN Sustainable Development Goals (SDGs) and promotes social responsibility under the ESG (environmental, social, and governance) framework, increasing interest in green and sustainable products, especially green sukuk. Considering the financial risks posed by climate change, the Islamic finance sector relies on principles such as climate leadership, strategic climate management, integration of climate-related operations, performance measurement and reporting, and collaboration and exchange on climate resilience.

During the plenary session of the forum, panels were held on topics including “Modern Challenges of Islamic Finance in Azerbaijan,” “Key Directions for the Development of Islamic Investment: Global Challenges and New Opportunities for Azerbaijan,” “Foreign Experience in Islamic Banking,” “Economic Resources of Islamic Countries,” “Attracting Green Investment for the Reconstruction of Karabakh and Eastern Zangazur,” “Investment Attraction from Islamic Countries to Azerbaijan: New Opportunities for SMEs,” and “Renewable Energy Resources of Islamic Countries.”

CAERC department heads Aqil Asadov and Vusale Jafarova participated as moderators and speakers during the sessions.