By Aytaj Shiraliyeva

Copyright trend

BAKU, Azerbaijan, October 7.​ Azerbaijan’s
currency reserves have reached $80 billion, the country’s First
Deputy Minister of Finance, Anar Karimov, said at the Halal
Business Forum (AZHAB) in Baku, Trend reports.

Karimov noted that Islamic finance continues to grow globally,
with its total volume exceeding $4 trillion. He emphasized that the
principles of Islamic finance, based on fairness, risk-sharing, and
asset backing, contribute to a sustainable and ethical financial

“Under the leadership of the head of state, we have built a
system based on efficiency, budgetary discipline, and
digitalization. Today, Azerbaijan ranks twenty-third in the world
for budget transparency,” Kerimov said, highlighting Azerbaijan’s
achievements in macroeconomic stability and transparency.

He added that the country’s external public debt stands at
around $5 billion, making reserves 16 times larger than the

The official also underscored that Azerbaijan’s financial
stability has been recognized by all three major rating agencies,
Moody’s, Fitch, and S&P, with positive and stable outlooks.

The deputy minister further noted ongoing work to enhance the
regulatory and accounting framework for Islamic finance, implement
international reporting standards, and develop Islamic insurance in
Azerbaijan.

He stressed the importance of expanding “halal” standards across
various economic sectors, from food production to tourism, saying,
“‘Halal’ certification builds trust, and trust opens markets.”

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