(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 27. The IslamicFinancial Services Board (IFSB) is looking forward to havingAzerbaijan to develop the Islamic financial industry, Dr. GhiathShabsigh, Secretary-General of the IFSB told Trend on the sidelines ofthe Islamic Development Bank (IsDB) annual meeting in Riyadh.
“Islamic finance now has matured globally and there are largenumber of countries applying it. We see that kind of demand isthere. Certainly it is contributing to the economic development ofthese countries. The framework is there: we have regulations,standards and they can be easily implemented. We really lookforward to have Azerbaijan if necessary to implement thesestandards and develop Islamic financial industry there,” hesaid.
Shabsigh pointed out that IFSB can help regulators adopt Islamicfinance standards, change their laws and regulations to incorporatethese standards.
“That will help the industry and allow them to operate in a safeway and in a prudent way. On a global scale Islamic finance hasgrown by about 14 percent over the past five years annually. That'sa huge growth. In our membership among non-Muslim countries we haveUK, China, Germany, Japan. Islamic banking operates very profitablyin non-Muslim countries as well,” said the IFSB secretarygeneral.
He noted that when countries adopt Islamic finance, they deepenthe market, as they have more options, more instruments.
“The extend of development of Islamic finance depends on theeconomic situation,” Shabsigh concluded.
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.
MENAFN27042024000187011040ID1108146180
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.