Press Release

New venture established for the promotion of Islamic Finance in Azerbaijan
New venture established for the promotion of Islamic Finance in Azerbaijan

AlHuda CIBE Sign an agreement with Studying Economics Resources (SER) for the Development of Islamic Finance in Azerbaijan. Islamic finance would be an ideal remedy to address the banking crises of Azerbaijan: Zubair Mughal.

15th May, 2017 (Lahore): AlHuda Centre of Islamic Banking and Economics (CIBE) and Studying of Economic Resources (SER) has signed an agreement to for the promotion and development of Islamic Banking and Finance in Azerbaijan and rest of Caucasus Countries. According to this agreement both organizations will implement a concrete strategy for research, product development, Shariah advisory and capacity building initiatives for the sustainable development of Islamic Finance in Azerbaijan and regional countries, the main objective of the initiative is to impart the global expertise, scholastic ideas and international best practices of Islamic finance in Azerbaijan market. The signing ceremony was held in the Baku – the Capital of Azerbaijan today, which is signed by Muhammad Zubair Mughal, Chief Executive Officer - AlHuda CIBE and Ruslan Atakishiyev, Chairman of the Board– SER.

Azerbaijan, officially the Republic of Azerbaijan, is a country in the South Caucasus region, situated at the crossroads of Southwest Asia and Southeastern Europe with having about 10 million population, the majority (99%) of the population consists of Muslims which indicate a huge demand of Islamic banking and finance in the country. Azerbaijan has a high level of human development which ranks on par with most Eastern European countries; it has a high rate of economic development and literacy, as well as a low rate of unemployment which creates enabling environment to facilitate Islamic Banking and Finance. As Islamic finance is one of the fastest-growing segments of the global financial industry worldwide, Azerbaijan, alongside Kazakhstan, Kyrgyzstan and Tajikistan, are among several CIS countries creating a more welcoming framework for Sharia Compliant banking.

During the Signing ceremony, Mr. Ruslan Atakishiyev the Chairman of the Board - SER said, this agreement will paved a solid foundation to streamline the Islamic finance industry in the region, by collaboration of the both organizations we will be enable to serve the industry in better way. He also said, “Islamic Financial Industry is rapidly growing in Azerbaijan and this agreement will be a pleasant add-on” for this sector.

While talking to this occasion, Mr. Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda CIBE said that these moments are very rejoicing when AlHuda CIBE and SER enter in joint collaboration, we will pool our expertise and resources to achieve the optimum goal of promotion of Islamic banking and finance in Azerbaijan & CIS countries, he said, although, Azerbaijan do not have Islamic Banking and Finance legislation but the pace of Islamic finance industry is tremendous, which indicates that Islamic Banking and Finance will have a big future. He added, “Islamic finance would be an ideal remedy to address the recent banking crises of Azerbaijan”. He also mentioned that total size of Islamic finance industry is about 2.3 trillion USD which can be divided into five major components i.e. Islamic Banking, Sukuk, Islamic asset/fund management, Takaful and Islamic Microfinance. Islamic Banking contributes maximum to Islamic Finance Industry with 80% of total worth, Sukuk contributes 14%, Islamic asset/fund management contributes 3%, while Takaful contributes 2% and Islamic microfinance contributes only 1% of total worth. By the end of 2017, the total volume of Islamic Finance Industry is expected to be $ 2.7 trillion.

About AlHuda (CIBE)
AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research, advisory and capacity building over the last twelve years. The prime goal has always been to remain stick to the commitments and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry.

For further Details about AlHuda CIBE, please visit:

For Media Contact:
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Manager Communications,
Call: +92 42 35913096 - 98

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