Expanding Islamic Microfinance in Azerbaijan: The Case for Industry Coordination to Serve New Client Segments

In an effort to meet increasing client demand for Islamic microfinance products in Azerbaijan, a broad group of diverse stakeholders led by the Azerbaijan Microfinance Association is working to enact legislation and build the capacity of financial service providers to deliver these products. The legal framework and the requisite support services need to be in place to enable wide access to Islamic microfinance, thereby enhancing overall financial inclusion in Azerbaijan.

This article is the first in a series developed by SEEP with support from Citi Microfinance titled Spotlight on Financial Inclusion Leaders. The series profiles selected microfinance associations, showcasing the ways in which they are supporting their members and meeting the challenges of value-added growth in financial inclusion. These associations are leaders in implementing innovative and locally-responsive approaches to financial inclusion. Their work is having a clear and measured impact on the lives of their clients, and their experiences bring valuable new knowledge to the industry at large.