The Islamic Financial Services Board (IFSB) is looking forward to having Azerbaijan to develop the Islamic financial industry, Dr. Ghiath Shabsigh, Secretary-General of the IFSB told Trend in Riyadh.
“Islamic finance now has matured globally and there are large number of countries applying it. We see that kind of demand is there. Certainly it is
contributing to the economic development of these countries.
The framework is there: we have regulations, standards and they can be easily
implemented. We really look forward to have Azerbaijan if necessary to implement these standards and develop Islamic financial industry there,” he said.
Shabsigh pointed out that IFSB can help regulators adopt Islamic finance standards, change their laws and regulations to
incorporate these standards. “That will help the industry and allow them to operate in a safe way and in a prudent way. On a global scale Islamic finance has grown by about 14 percent over the past five years annually.
That’s a huge growth. In our membership among non-Muslim countries we have UK, China, Germany, Japan. Islamic banking operates very profitably in non-Muslim countries as well,” said the IFSB secretary general.
He noted that when countries adopt Islamic finance, they deepen the market, as they have more options, more instruments.
“The extend of development of Islamic finance depends on the economic situation,” Shabsigh concluded.—Trend News Agency
