The International Bank of Azerbaijan (IBA) is involved in the 19th World Islamic Banking Conference in Bahrain, on the theme "New strategic path of development of Islamic finance. Growth, innovative products, the impact of globalization."
As reported in the bank, the main purpose of participation in the IBA conference is to present the country, strengthening our position in the global Islamic financial markets, studying the experience of the world's leading Islamic financial institutions, and partnerships in order to attract investment to the country.
As in previous years, the organizers and participants of the event are the top leaders of the international financial institutions and government agencies, and key regulators from over 50 countries. Lead partners and participants present their latest innovative projects and achievements in the field of Islamic finance.
Since the beginning of the "Islamic window" IBA has financed six projects and 20 trades on the basis of Islamic banking in the amount of $ 65 million. -15D -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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