ASA 5505 with version 8.2 they both gone obsolete. in your case if they do not want to upgrade or replace than they taking the risk of running an old dated software and hardware.
ISAKMP is IKEV1 in old cisco software 8.2 the refer ISAKMP as IKEV1.
AZURE does support IKEV1 (in your case ISAKMP). in your case as your client using 5505 you can only build a plicy based VPN site to site vpn.
please do not forget to rate.