RIYADH, Saudi Arabia, April 27. The Islamic Development Bank Institute is working closely with Azerbaijan to develop Islamic finance regulatory framework, Sami, Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, told TurkicWorld on the sidelines of the Islamic Development Bank (IsDB) annual meeting in Riyadh.

"Islamic finance has the potential to motivate people to bring solidarity among their communities, direct capital towards real projects that create real wealth, and redistribute wealth among communities," he said.

Al-Suwailem pointed out that Islamic financing in principle has the necessary ingredients to support the economic development, and prosperity of the community.

"From that perspective, there is a very good potential in Azerbaijan and other countries in the region. The Islamic Development Bank Institute is working closely with Azerbaijan, as well as Kazakhstan and other countries to develop Islamic finance regulatory framework. We are working together with authorities to develop, or establish institutions necessary for development in these countries," the acting director general added.

The Islamic Development Bank Group (IsDB) is holding its 2024 Annual Meetings and Golden Jubilee in Riyadh from April 27-30, under the Royal Patronage of the Custodian of Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud.

The 2024 Annual Meetings are being held under the theme of "Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity", which marks IsDB’s 50 years of fostering socio-economic development in its member countries.

Among other topics, the meetings will also feature a roundtable on COP29 with the participation of Azerbaijani government representatives.

As the premier South-South multilateral development Bank, the 2024 IsDB Group Annual Meetings and Golden Jubilee are expected to attract international and regional attention. The Annual Meetings will feature a series of side events with top-level panelists from government, international and regional organizations, the private sector, academia, and civil society.

Ministers of Economy, Planning, and Finance from IsDB's 57 member countries will participate in the event, along with representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development finance institutions, international and regional organizations, NGOs, chambers of commerce & Industry, and business councils.