Azerbaijan, OIC’s Standing Committee collaborate to boost environmentally friendly financial instruments

Azerbaijan’s Finance Ministry has recently hosted a key meeting with representatives from the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC) to discuss the development of Islamic environmentally friendly financial instruments.

The discussions also involved officials from Azerbaijan’s Ministry of Ecology and Natural Resources and the Central Bank, Caliber.Az reports, citing the ministry.

The central focus was COMCEC’s latest research titled “Promoting Sustainable Islamic Financial Instruments to Combat the Effects of Climate Change and Natural Disasters in OIC Member States”. 

Participants exchanged insights on current policies, existing best practices, and explored future opportunities to strengthen sustainable Islamic finance across member states. The project also examines the approaches taken by Indonesia, Nigeria, Qatar, and the United Kingdom, alongside Azerbaijan, to implement effective Islamic financial tools aimed at addressing climate change and disaster resilience.

The Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC) is a key forum established in 1984 to enhance economic and commercial collaboration among OIC member states. It aims to promote trade, investment, and development by fostering cooperation in areas such as finance, agriculture, industry, and transportation. 

By Naila Huseynova