EDB Spearheads Islamic Finance Development in Central Asia

The Eurasian Development Bank (EDB) has expressed its intention to serve as a key contributor to the evolution of Islamic finance in Central Asia. This commitment was highlighted in discussions with the Islamic Development Bank (IsDB) at their annual meeting, where the potential for Islamic finance in the region, along with possibilities for cooperation in projects, economic research, and other areas, were explored.

EDB representatives recognized the immense potential of Islamic finance in Central Asia and underscored their commitment to its holistic development. As part of this initiative, EDB is setting up a dedicated division focusing on Islamic finance.

EDB Chairman Nikolai Podguzov stated, “To cater to the increasing demand for Islamic finance tools in Central Asia, EDB is in the process of creating a specialized Islamic finance unit. Leveraging IsDB’s extensive experience of nearly 50 years in this field, we look forward to their methodological guidance and advisory support.”

The discussions also covered the possibility of conducting shared economic studies relevant to Central Asia. “Our research unit regularly produces surveys and forecasts related to our economies. We see research as a platform for sharing studies, implementing joint projects, and addressing economic challenges,” Podguzov added.

The participants also reviewed ongoing projects facilitated by both banks in their respective operational countries and potential initiatives in Central Asia.

“Our collaboration on individual projects, such as the Big Almaty Ring Road (BAKAD), and a strategic level, is already bearing fruit. Our joint efforts will generate a synergistic effect that will boost the region’s economic prosperity,” concluded Podguzov.