IFAAS eyes launch of Islamic digital finance platform in Azerbaijan

IFAAS (Islamic Finance Advisory & Assurance Services) intends to create Azerbaijan's first Islamic digital finance platform.

Report informs that Farrukh Raza, Chairman of the company's Board, said this during the annual meetings of the Islamic Development Bank (IsDB) Group in Baku.

He said IFAAS had conducted an independent market study to assess demand for Islamic digital finance in the Azerbaijani segment.

"Based on the results obtained, IFAAS intends to launch the first Islamic digital finance platform in Azerbaijan. The new institution, based on IFAAS's unique expertise and the IFIN digital platform, and subject to obtaining the relevant permission from the Central Bank of Azerbaijan, will offer fully digital, Sharia-compliant financing for small and medium-sized businesses, including equipment financing, working capital financing, trade and pre-export financing, as well as a product line for retail customers," Raza said.

The Chairman of the Board added that IFAAS specialists are in Baku this week to hold talks with the Central Bank and other interested market participants to discuss regulatory issues.

According to him, several local investors have already expressed initial interest in participating in the project.

"Azerbaijan offers extremely promising opportunities backed by real data. The study conducted gives us confidence to move forward. We hope to present a plan for the official launch of the platform in the near future," Raza said.