Islamic banking in treasury: how to operate without interest while still using a full toolkit for client financing, liquidity management, investment portfolios, and foreign-exchange risk. Using the example of a Kazakhstani Islamic bank, we examine real products—from Murabaha and Ijara to Sukuk and Wakalah/Mudarabah investment deposits.
The future of the investment sector lies at the intersection of global trends, domestic macro-stability and technological innovation. Ali Alaskarov explains how the cost of capital is changing, why markets need a new liquidity architecture, and how Azerbaijan is building a next-generation financial ecosystem.
