The Eurasian Development Bank (EDB), the Islamic Development Bank (IsDB) Institute, and the London Stock Exchange Group (LSEG), in the spirit of promoting Islamic Finance in Central Asia, have held a panel discussion, “Bridging the Capital Road: CIS & GCC,” as part of the Islamic Banking program at Abu Dhabi Finance Week (ADFW).
This panel highlighted the transformative role of Islamic finance in driving sustainable development across Central Asia and fostering stronger investment potential and economic ties between the Central Asia and the Gulf Cooperation Council (GCC) region.
The EDB estimated that Central Asian economies would complete the current year with 4.8% GDP growth, surpassing the global rate (3.2%). At the same time, by projections from the EDB, the IsDB and the LSEG, the Islamic finance market will reach the level of USD 2.5 billion in 2028 and USD 6.3 billion in 2033.
There is a perspective for significant growth and development in the Islamic Finance industry in the region, driven mainly by the Islamic banking sector and the sukuk asset class. The three partners assume an increase in Islamic banking assets 5-10 fold in the near future.
Nikolai Podguzov, Chairman of the Management Board of the EDB, joined the stage alongside distinguished experts to discuss actionable insights and strategies for unlocking the region’s immense potential.
The EDB Chairman outlined the Bank’s vision for expanding Islamic finance, including the establishment of its Islamic Window to support relevant projects and facilitate investments.
The panel covered global trends in Islamic finance and best practices to be implemented in Central Asia, opportunities for collaboration between the CIS and GCC and the benefits of installing an Islamic Window in Central Asia on a regional and global scale.
With its unique position as a regional development bank, the EDB is spearheading efforts to unlock the potential of Islamic finance in Central Asia, fostering partnerships that connect economies and create shared prosperity.
“The EDB forecasts that the Central Asian economic growth in 2025 would surpass 5.5%. As we work to facilitate Islamic finance investments, the EDB is committed to building bridges between Central Asia and the GCC to enhance investment and trade ties,” said Podguzov.
