The broker entered the country last year by acquiring a local broker.
It also appointed Ilgar Rustambayl as the CEO of the Azerbaijan division.
Opening ceremony of CFI's Baku office
CFI Financial Group, a contracts for differences (CFDs) broker with a strong presence in the Middle East, is now expanding into Central Asia by opening an office in Baku, the capital of Azerbaijan.
CFI Enters Azerbaijan
The new office was established after setting up a local entity, CFI Financial Investment Company (CFI Azerbaijan).
Its interest in the Azerbaijani market emerged last year when it acquired a local brokerage firm, AzFinance Investment Company. The brokerage giant then stated that it would rebrand the local firm to CFI, aligning it with its global brand.
Hisham Mansour, Co-Founder and Managing Director. Source: CFI
“Azerbaijan represents a fast-growing financial market with immense potential,” said Hisham Mansour, Co-Founder and Managing Director of CFI Financial Group.
According to the World Bank, Azerbaijan has a population of over 10.1 million, with a per capita income of $22,640. The broker highlighted that launching CFI Azerbaijan will also help it expand in the surrounding region.
Earlier, CFI appointed Ilgar Rustambayl as the CEO of its Azerbaijan unit. Interestingly, he is an outsider to the trading industry and previously held management roles at the international offices of Philip Morris International, The Coca-Cola Company, and MIG Bank.
“The launch of our Baku office is more than just an expansion—it is a commitment to providing Azerbaijani traders and investors with a world-class trading environment featuring competitive conditions, advanced financial tools, and expert guidance,” Rustambayl said.
Expansion amid Demand Surge
Founded in 1998, CFI operates regulated entities in multiple jurisdictions, including the UK, UAE, Jordan, and Lebanon. The company offers retail trading services through its online platform, with features such as zero-spread accounts and commission-free trading on certain products.
Meanwhile, trading volume on the brokerage platform surged last year. As Finance Magnates reported earlier, CFI handled $1.12 trillion in trading volume in the last three months of 2024, a record for the broker.
CFI Financial Group, a contracts for differences (CFDs) broker with a strong presence in the Middle East, is now expanding into Central Asia by opening an office in Baku, the capital of Azerbaijan.
CFI Enters Azerbaijan
The new office was established after setting up a local entity, CFI Financial Investment Company (CFI Azerbaijan).
Its interest in the Azerbaijani market emerged last year when it acquired a local brokerage firm, AzFinance Investment Company. The brokerage giant then stated that it would rebrand the local firm to CFI, aligning it with its global brand.
Hisham Mansour, Co-Founder and Managing Director. Source: CFI
“Azerbaijan represents a fast-growing financial market with immense potential,” said Hisham Mansour, Co-Founder and Managing Director of CFI Financial Group.
According to the World Bank, Azerbaijan has a population of over 10.1 million, with a per capita income of $22,640. The broker highlighted that launching CFI Azerbaijan will also help it expand in the surrounding region.
Earlier, CFI appointed Ilgar Rustambayl as the CEO of its Azerbaijan unit. Interestingly, he is an outsider to the trading industry and previously held management roles at the international offices of Philip Morris International, The Coca-Cola Company, and MIG Bank.
“The launch of our Baku office is more than just an expansion—it is a commitment to providing Azerbaijani traders and investors with a world-class trading environment featuring competitive conditions, advanced financial tools, and expert guidance,” Rustambayl said.
Expansion amid Demand Surge
Founded in 1998, CFI operates regulated entities in multiple jurisdictions, including the UK, UAE, Jordan, and Lebanon. The company offers retail trading services through its online platform, with features such as zero-spread accounts and commission-free trading on certain products.
Meanwhile, trading volume on the brokerage platform surged last year. As Finance Magnates reported earlier, CFI handled $1.12 trillion in trading volume in the last three months of 2024, a record for the broker.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
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