AAOIFI ready to support Azerbaijan in developing Islamic banking

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is ready to support Azerbaijan in developing Islamic banking, Shaikh Ebrahim Bin Khalifa Al-Khalifa, chairman of the AAOIFI Board of Trustees, said during the first Azerbaijan International Investment Forum (AIIF 2025), Report informs.

"We currently know the volume of funds available for Islamic banks – approximately $6 trillion. This is long-term capital that governments need today," he noted.

According to Shaikh Ebrahim, the principle of asset backing and risk sharing makes these funds not only ethical but also sustainable, inclusive, and naturally aligned with sustainable development goals.

"We at AAOIFI are ready to support Azerbaijan and strive to become a hub for financial activity in this region, which is ideal for this type of business," he added.

He stressed that the organization hopes to use these mechanisms in the future, providing long-term financial support for the country's strategic projects.