The 20th IsDB Global Forum on Islamic Finance was successfully held in Baku, Azerbaijan, in the second week of June 2026, 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 with the goal of exploring how Islamic finance can foster sustainable prosperity and address development challenges across the IsDB’s member countries.
“Aligned with the broader annual meeting’s 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,” IsDB said in a statement.
In his keynote speech, Mr Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan, reaffirmed the transcontinental country’s commitment to contributing to the future development of the Islamic finance ecosystem, highlighting the nation’s role as a reformer and a bridge between regions and markets. He emphasised 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, said, “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 the IsDB Institute, highlighted the IsDB Group’s significant contribution to the development of the global Islamic finance industry, now valued at approximately USD 4-5 trillion. He also underscored the importance of innovation in maintaining the leadership of the IsDB Group and ensuring the industry remains relevant while consistently contributing to sustainable development.
The event also saw 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. Apart from that, IsDBI (Islamic Development Bank Institute) also announced a memorandum of understanding (MoU) with the Labuan Financial Services Authority to explore the “Awqaf Free Zones” flagship project. Among the two high-level panel discussions focusing on Islamic finance and development, the first one 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 session examined practical approaches to mobilising 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 (KOBIA). The session was moderated by Mr Yahya Rehman, Associate Manager, IsDBI,” IsDB stated further.
Before concluding, 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.