A Memorandum of Understanding for the Development of Islamic Finance in Central Asia was signed between the Eurasian Development Bank (EDB) and the Islamic Development Bank Institute (IsDBI) on June 27 in Almaty, Kazakhstan, as part of the Eurasian Development Bank’s Annual Meeting and Business Forum. The document was signed by Nikolai Podguzov, Chairman of the EDB Management Board, and Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute.
In accordance with the Memorandum, the parties agree to cooperate in a number of areas consistent with the IsDBI and EDB’s mandates and strategies, one of them being the development of Islamic finance.
The head of the Eurasian Development Bank thanked the partners from the Institute for supporting initiatives to develop Islamic finance in the Eurasian region.
“We have already launched a joint study entitled The Future of Islamic Finance in Central Asia. Its results will be presented by the end of 2024. We also plan to jointly develop Islamic finance in the region, provide technical assistance, make proposals to improve legislation, hold seminars, increase the potential and financial literacy of the local population, develop Islamic debt instruments and much more,” said Nikolai Podguzov, Chairman of the EDB Board.
The Islamic Development Bank Institute is a leading research center in the field of Islamic finance and innovative solutions in economics. Established in 1981 as the Islamic Research and Training Institute, it was rebranded in 2021 as the IsDB Institute. The IsDBI is already taking part in the opening of the EDB’s “Islamic Window” in Central Asia. The Memorandum will contribute to further development of the Islamic finance industry in the region; it will help meet the local need for unique financial products, as well as attract Islamic investments to the Bank’s member countries.
