BAKU, Azerbaijan, October 22. Azerbaijan could
issue its first sukuk in the form of a green sukuk in 2027, while
leasing is one of the most promising sectors for introducing
Islamic finance in the country, Ozal Talibli, head of finance,
investment and operations at PASHA Capital, said at the 3rd Islamic
Finance Forum on Thursday, Trend’s correspondent reports from the event.


According to Talibli, many elements of leasing, including lease
agreements, asset registration, insurance and collateral
arrangements, are already widely used in existing leasing
practices. This could facilitate the introduction of Islamic
finance.


He emphasized the importance of ensuring tax, monetary and
insurance neutrality to support the development of Islamic
finance.


“Public familiarity with leasing products creates conditions for
the rapid adoption of this model in the country. One of the
fastest-growing segments of the international financial sector is
the sukuk market. In 2025, global sukuk issuance reached
approximately $264.8 billion, setting a record. More than $100
billion of that amount was issued in foreign currencies on
international markets.


“According to Fitch Ratings, more than 80% of the sukuk it rated
in 2025 had investment-grade ratings. This demonstrates that sukuk
is no longer a narrowly defined religious instrument but an
investment vehicle for institutional investors,” he said.







Talibli also noted that global issuance of green and sustainable
sukuk increased by more than 60% in 2025, reaching a record of
approximately $18.5 billion.


“Given Azerbaijan’s priorities in green finance and sustainable
development, the country could issue its first sukuk in the form of
a green sukuk as early as next year. The most important
prerequisite is to complete the development of the legal
framework.


“PASHA Capital is actively working to make sukuk instruments
available to citizens. One of the company’s objectives is to help
local companies access international capital markets and secure
international recognition and financing through sukuk issuances,”
he said.