(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 27. The IslamicDevelopment bank Institute is working closely with Azerbaijan todevelop Islamic finance regulatory framework, Sami, Al-Suwailem,Acting Director General of the Islamic Development Bank Institute,told Trend on thesidelines of the Islamic Development Bank (IsDB) annual meeting inRiyadh.
“Islamic finance has the potential to motivate people to bringsolidarity among their communities, direct capital towards realprojects that create real wealth, and redistribute wealth amongcommunities,” he said.
Al-Suwailem pointed out that Islamic financing in principle hasthe necessary ingredients to support the economic development, andprosperity of the community.
“From that perspective, there is a very good potential inAzerbaijan and other countries in the region. The IslamicDevelopment Bank Institute is working closely with Azerbaijan, aswell as Kazakhstan and other countries to develop Islamic financeregulatory framework. We are working together with authorities todevelop, or establish institutions necessary for development inthese countries,” the acting director general added.
The Islamic Development Bank Group (IsDB) is holding its 2024Annual 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, Solidarityand Prosperity”, which marks IsDB's 50 years of fosteringsocio-economic development in its member countries.
Among other topics, the meetings will also feature a roundtableon COP29 with the participation of Azerbaijani governmentrepresentatives.
As the premier South-South multilateral development Bank, the2024 IsDB Group Annual Meetings and Golden Jubilee are expected toattract international and regional attention. The Annual Meetingswill feature a series of side events with top-level panelists fromgovernment, international and regional organizations, the privatesector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57member countries will participate in the event, along withrepresentatives of international and regional financialinstitutions, Islamic banks, private sector companies, national andinternational development finance institutions, international andregional organizations, NGOs, chambers of commerce & Industry, andbusiness councils.
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