Türkiye sees Islamic finance growth in Azerbaijan as strategic goal

Supporting the development of Islamic finance in Azerbaijan is a strategic goal for Türkiye, the representative of the Investment and Finance Office under the President of Türkiye, Tarık Akın, said.

He made remarks during the “Islamic Finance Forum 2025” in Baku and noted that the Islamic financial system — based on ethical principles, transparency, risk-sharing, and fair income distribution — is becoming an important tool for sustainable development, Caliber.Az reports via local media.

“We consider it a strategic goal to promote the development of this sector not only in Türkiye but across the entire region, especially in Azerbaijan,” he added.

Akın also noted that reconstruction efforts in Karabakh offer vast investment opportunities for applying Islamic financial instruments such as sukuk — Islamic bonds that comply with Sharia principles — and takaful, a cooperative insurance system based on shared responsibility, as well as other participation-based financing mechanisms. 

“These instruments can serve as an alternative source of financing for various projects in the region,” he emphasised.

According to the Turkish official, Azerbaijan’s energy potential, strategic location, and sustainable growth open up opportunities for it to become a global financial hub.

Tarık Akın added that the Investment and Finance Office of the Presidency of Türkiye is fully prepared to deepen the exchange of experience with Azerbaijan in the field of Islamic finance and explore new opportunities.

“I am confident that this cooperation will bring new momentum to the economies of both countries and further strengthen our ties,” he concluded.

By Jeyhun Aghazada