As Azerbaijan marks over three decades of independence and pursues an ambitious economic diversification agenda beyond hydrocarbons, the introduction of Islamic finance represents both a strategic opportunity and a natural evolution.

The development of Islamic finance in Azerbaijan is particularly noteworthy given the country’s unique positioning at the intersection of the Commonwealth of Independent States (CIS), Central Asia, Türkiye, and the wider Organisation of Islamic Cooperation (OIC).

This report comes at a timely moment. Recent developments, including the introduction of pilot Islamic banking products under the regulatory sandbox of the Central Bank of the Republic of Azerbaijan (CBAR), ongoing legal and regulatory reforms, and technical assistance initiatives for sukuk framework development reflect growing institutional commitment toward establishing the foundations of Islamic finance in the country.

Access the full report to find out more about:

  • Trends and developments in Azerbaijan’s growing Islamic finance ecosystem;
  • Key segments driving Azerbaijan's potential as an Islamic finance hub, including Islamic banking, Islamic capital markets, sukuk, and social finance tools such as Awqaf;
  • Projections for the growth of Islamic banking and Islamic capital markets in Azerbaijan by 2030 and 2035
  • Key stakeholders’ views on Saudi Arabia’s Islamic finance sector; and
  • The outlook for Saudi Arabia’s Islamic finance ecosystem and a phased development roadmap