The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) in collaboration with the Ministry of Economy of Azerbaijan Republic (the Islamic Development Bank (IsDB) Governor’s Office of Azerbaijan) have successfully concluded a comprehensive workshop on Islamic Finance. The workshop closing ceremony, which was held in the presence of H.E. Mr. Samad Bashirli, the Deputy Minister of Economy, forms part of activities marking ITFC CEO, Eng. Hani Salem Sonbol’s official visit to Azerbaijan.
The workshop aimed to provide participating financial and government institutions with a comprehensive understanding of Islamic Finance, with a focus on fundamental aspects, and involved a detailed comparison of various Islamic financial tools, including sale-based, lease-based, and equity-based instruments. The workshop also covered their application in areas such as capital markets and trade finance, while addressing the risk profiles associated with different Islamic instruments, which will eventually equip the participants with practical knowledge in the field of Islamic finance.
In addition, the workshop raised awareness of ITFC's interventions, and trade financing prospects in the country.
Addressing the gathering during his closing remarks, Eng. Hani Salem Sonbol, ITFC CEO said: “I am delighted to witness the successful completion of the Islamic Finance Workshop which represents a significant step in equipping the financial institutions with the knowledge and tools necessary to tap into the potential of Islamic finance, fostering a resilient and ethical financial ecosystem in Azerbaijan”.
On his part, Deputy Minister of Economy of Azerbaijan, H.E. Mr. Samad Bashirli added: “The Government of Azerbaijan attaches particular importance to the cooperation with IsDB Group, and highly appreciates the Group's support to the development of the public and private sectors in Azerbaijan”. Highlighting the importance of the workshop, the deputy minister emphasized its role in increasing knowledge and skills of the participants in the field of understanding Islamic finance and Islamic financial tools.”
The workshop was attended by experts from local financial institutions, The Central Bank of Azerbaijan, and relevant governmental entities including executing agencies on ITFC’s trade financing projects.
ITFC strongly believes in the potential of the private sector to be a catalyst of growth and economic development in Azerbaijan and the Central Asia region. The Corporation will continue to promote Islamic Finance products and solutions in Azerbaijan while strengthening its reliable cooperation with partner financial institutions and the Central Bank in Azerbaijan.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$70 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.