The importance of using islamıc financial instruments in the development of small and medium enterprises in the Republic of Azerbaijan
Summary
Nowadays, the use of Islamic financial instruments has attracted increasing attention in Azerbaijan, especially in promoting the development of small and medium enterprises (SMEs). In the inclusive (multifaceted) development of various sectors of the economy, the specialized institutions of our country bear a great burden. The organization of the efficient activities of those institutions ultimately has a positive effect on the population's well-being. If we look at the number of SMEs in developed and developing countries and their share in economic development, we can say how important they are in the country's economy. This article examines the historical background of Islamic finance in Azerbaijan, the evolution of SMEs in the country, and the prospects for using Islamic financial instruments to support their development.