Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication (CAERC) — a Doctor of Economic Sciences and Professor — delivered a speech at the opening ceremony of the "3rd Islamic Finance Forum (IFF’26)" held in Baku.

The forum was organized in partnership with the "Study of Economic Resources" Public Union, the Central Bank of the Republic of Azerbaijan, the Center for Analysis of Economic Reforms and Communication, the Entrepreneurship Development Fund under the Ministry of Economy of the Republic of Azerbaijan, the Azerbaijan Entrepreneurs Confederation, the Azerbaijan State University of Economics, the Azerbaijan Banks Association, AzFina, the Azerbaijan Micro-finance Association, and the Participation Banks Association of Türkiye.

Vusal Gasimli emphasized that when discussing the future of Islamic finance, one cannot overlook another significant transformation: fintech and digitalization. He stated, "In my view, moving forward, we should evaluate the development of Islamic finance not merely as 'Islamic finance,' but increasingly within the framework of 'Islamic fintech'."

The Executive Director of the IICRISC noted that there is, in fact, a natural alignment between the principles of Islamic finance and new financial technologies: “Islamic finance requires transparency, a link between transactions and real economic activity or assets, and the sharing of risks and returns. Fintech, meanwhile, facilitates data tracking, the reduction of operational costs, the democratization of financial services, and access to finance for broader segments of the population. These two models complement each other: Islamic finance provides a framework of values ​​and principles for fintech, while fintech offers Islamic finance scale, speed, and accessibility—and the practical possibilities for this are quite extensive.”

According to Vusal Gasimli, the issuance of *sukuk* via digital platforms and its division into smaller nominal units could expand the investor base. Tokenization may enable a more flexible structuring of financial instruments based on real assets. Artificial intelligence can be utilized in assessing credit and investment risks, detecting fraud, and managing compliance processes. Meanwhile, smart contracts can lower operational costs and enhance transparency by automating the execution of certain Islamic financial agreements. Furthermore, digital *takaful*, Islamic crowdfunding, P2P financing, and digital microfinance platforms can broaden access to finance, particularly for small and medium-sized enterprises. The global Islamic finance industry has reached a volume of 6.5 trillion US dollars, growing at an annual rate of 9%, and it is projected that the volume of assets will exceed 10.5 trillion US dollars by 2030. Within the market structure, Islamic banking holds a leading position with a share of approximately 72% and a volume of 4.3–4.5 trillion US dollars; the volume of sukuk in circulation stands at 1.03 trillion US dollars, with an annual issuance of 264.8 billion US dollars, while Islamic fund assets amount to 308 billion US dollars, the takaful sector accounts for 136 billion US dollars, and other Islamic financial institutions represent 193 billion US dollars.

The event includes three panel sessions covering the following topics: “A New Era for Islamic Banking and Insurance in Azerbaijan,” “Opportunities for Implementing Islamic Finance Products—Sukuk, Leasing, and Microfinance,” and “Professional Development and International Certification in the Field of Islamic Finance.” Discussions also focus on FinTech, digital transformation, Halal investments, green finance, and human capital development. The forum serves to facilitate the exchange of experience and expand opportunities for cooperation within the Islamic finance sector.