The Eurasian Development Bank (EDB) and the Islamic Financial Services Board (IFSB) have signed a Memorandum of Understanding (MoU) aimed at expanding Islamic finance in Central Asia, harmonizing regulatory approaches and strengthening financial stability in the sector. The agreement was signed on the sidelines of the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
The memorandum was signed by Ghiath Shabsigh, Secretary General of the IFSB, and Nikolai Podguzov, Chairman of the EDB Management Board. The agreement establishes a framework for cooperation to support the development, resilience and stability of Islamic financial services across Central Asia and the wider Eurasian region.
Under the memorandum, the organizations will focus on four areas of cooperation. The first involves organizing specialized training programs and seminars for central banks, regulatory authorities and financial market participants. The second covers technical assistance and advisory support to help national authorities develop regulatory frameworks aligned with international standards.
The third area focuses on joint research and analytical reports examining financial market conditions, emerging trends and development challenges in Central Asia. The fourth involves organizing strategic events and dialogue platforms to facilitate cooperation and knowledge sharing among stakeholders. Speaking at the signing ceremony, Shabsigh said the agreement would combine the IFSB's expertise in Islamic finance with the EDB's regional development objectives.
"Together, we aim to support the economies of Central Asian countries in developing sustainable and inclusive financial systems," he said.
Podguzov noted that Islamic finance could contribute to diversifying funding sources, attracting investment and supporting long-term economic development in the Eurasian region. He also emphasized that cooperation with the IFSB would provide EDB member countries with access to international expertise in Islamic finance.
As an initial step under the cooperation framework, the EDB and its international partners, including the IFSB, will organize a joint seminar in Almaty, Kazakhstan, on October 22–23. The event is expected to bring together more than 70 representatives of central banks, regulatory authorities, ministries of finance and economy, and financial institutions from Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan.
The seminar will be the first joint event organized by the EDB and its international partners under the initiative. The memorandum also provides for additional regional events during the first quarter of 2027 to continue cooperation on Islamic finance development and regulatory practices.