BAKU, Azerbaijan, October 22.
Islamic finance is no longer confined to specific regions; it now
holds a significant place in the financial centers and stock
exchanges of London, New York, and major Asian hubs, CEO of PASHA
Capital Investment Company, Isi Mustafayev, said at the 3rd Islamic
Finance Forum in Baku today, Trend's correspondent reports from the event.
According to him, based on international reports, the total
volume of the global sukuk market has surpassed $1 trillion, with
approximately $300 billion in new sukuk issuances recorded in
2026.
"Approximately 72% of these issuances originate from governments
and government-related entities. Malaysia and Saudi Arabia hold
leading positions in the global sukuk market. Furthermore,
Türkiye’s share in the global sukuk market amounts to about $20
billion," Mustafayev noted.
He pointed out that although no sukuk issuances have taken place
in Azerbaijan yet, work is underway to establish the necessary
legal and market infrastructure for the implementation of these
financial instruments.
"Once the legal framework and tax-related matters are fully
regulated, new opportunities will emerge in Azerbaijan for the
issuance of sukuk and the attraction of investor capital through
these instruments," the CEO emphasized.
Mustafayev added that while sukuk instruments, which are
primarily aimed at financing the real sector and infrastructure
projects, aren’t currently offered directly on the local market,
Azerbaijani investors are provided with opportunities to invest in
them within international financial markets through PASHA
Capital.
