The 20th IsDB Global Forum on Islamic Finance was successfully held in Baku, Azerbaijan, under the theme “Achieving Sustainable Prosperity through Islamic Finance,” in conjunction with the IsDB Group Annual Meetings.
The Forum brought together distinguished policymakers, regulators, development practitioners, and industry leaders to explore how Islamic finance can foster sustainable prosperity and address development challenges across Member Countries.
Aligned with the broader Annual Meetings theme, “Regional Integration for Sustainable Prosperity,” the Forum examined how countries and institutions can leverage Islamic finance to deepen regional integration, enhance economic resilience, and promote inclusive growth across IsDB Member Countries.
In his keynote speech, Mr. Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan, reaffirmed Azerbaijan’s commitment to contributing to the future development of the Islamic finance ecosystem, highlighting the country’s role as a reformer and a bridge between regions and markets. He emphasized the importance of a clear strategic vision in shaping future growth and cooperation.
Eng. Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, in a keynote speech on behalf of the IsDB Group, emphasized that Islamic finance should not be viewed merely as an alternative set of financial contracts or a niche segment of the global financial industry, but rather as a values-driven development paradigm that reconnects finance with the real economy, productive activity, shared prosperity, and social well-being.
In his opening remarks, Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, highlighted the significant contribution of the IsDB Group to the development of the global Islamic finance industry, now valued at approximately US$ 4-5 trillion. He underscored the importance of innovation in maintaining the leadership of the IsDB Group and ensuring the industry remains relevant and continues to contribute to sustainable development.
Key highlights of the forum included:
- The launch of a new report titled “Islamic Finance in Azerbaijan: Breaking New Ground,” jointly produced by IsDBI and ITFC, along with other flagship publications.
- Announcement of a memorandum of understanding between IsDBI and the Labuan Financial Services Authority to explore the Awqaf Free Zones flagship project.
- Two high-level panel discussions focusing on Islamic finance and development.
- Recognition of top performers in the Applied AI in Islamic Finance Competency Challenge.
The first panel session explored how Islamic finance can help countries overcome structural development challenges and achieve sustainable economic transformation. Speakers included Mr. Shahin Aydin Mahmudzade, Executive Director, Central Bank of Azerbaijan; Mr. Adnan Zaylani, Deputy Governor, Bank Negara Malaysia; Ms. Mihoko Kumamoto, Director, Division for Prosperity, UNITAR; Dr. Bambang Brodjonegoro, Dean, Asian Development Bank Institute; and Dr. Areef Suleman, Chief Economist, IsDB Group. The session was moderated by Mr. Mustafa Adil, Head of Islamic Finance, London Stock Exchange Group.
The second panel session examined practical approaches to mobilizing sustainable finance in support of food and energy security, drawing on insights from Member Countries and partner institutions. Speakers included Mr. Valeh Alasgarov, Chairman of the Board, AFEZ Authority, Azerbaijan; Dr. Mansur Muhtar, Chairman of the Board, Bank of Industry, Nigeria; Professor Emeritus Dato’ Dr. Azmi Omar, President & CEO, INCEIF University; and Mr. Orkhan Vidadi oglu Mammadov, Chairman, Small and Medium Business Development Agency of Azerbaijan (KOBİA). The session was moderated by Mr. Yahya Rehman, Associate Manager, IsDBI.
Winners of the Applied AI in Islamic Finance Competency Challenge were also recognized, as follows: Mr. Emin Jaafar (AlifPay) received first place, followed by Mr. Khalil Ben Mohamed (Ayech) in second place, and Mr. Elchin Huseyn (Mink Platform) in third place.
The Forum identified key priority areas for future collaboration, including scaling innovative Islamic finance instruments, strengthening institutional partnerships, and enhancing capacity development initiatives. It also reinforced the role of the IsDB Institute as a key partner in advancing practical, innovative solutions that support sustainable development and regional integration within the framework of Islamic finance.
A video recording of the Forum is available here: https://apo-opa.co/43DnKQV
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
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About the IsDB Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org
