EDB Promotes Islamic Finance Development in Central Asia

Tashkent, Uzbekistan (UzDaily.uz) — The Eurasian Development Bank (EDB) brought together international experts and representatives of the financial sectors of Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan to discuss the prospects for Islamic finance in Central Asia.

The two-day practical seminar was held in Almaty on 24 October, with participants from finance and economy ministries, central and commercial banks, financial regulators and international organisations.

The event’s partners were the Islamic Development Bank Institute (IsDB Institute), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).

Participants examined international Islamic finance standards, Sharia governance principles, and approaches to regulating and supervising Islamic financial institutions. Particular attention was given to selecting and structuring financial products to meet the needs of regional markets.

The practical sessions included two investment scenarios: structuring a sukuk issuance and arranging financing for the purchase of equipment for a solar power plant. Participants examined how to account for regulatory requirements, Sharia principles and the economic parameters of transactions when developing financial solutions.

The seminar also addressed the prospects for Islamic finance in Central Asia, the EDB’s regional initiatives, methods for assessing national markets and the preparation of development roadmaps.

“Islamic finance can become an additional source of long-term capital for infrastructure and investment projects in Central Asia. Realising this potential requires drawing on international experience, taking into account the specific features of national financial systems and developing the professional skills of market participants,” said Ruslan Dalenov, EDB Deputy Chairman of the Management Board.

He said cooperation with the IsDB Institute, AAOIFI and IFSB would help bring together international expertise, expand knowledge sharing and adapt best practices to the needs of countries across the region. The EDB intends to support professional development and broaden the use of Islamic financial instruments to fund investment projects.

The event was organised by the EDB Academy to strengthen market participants’ expertise, improve regulatory approaches and expand opportunities to attract capital into Central Asian economies.

The EDB Academy provides educational programmes for government officials, businesses and financial institutions in the bank’s member countries. Training is delivered in person through seminars, practical sessions and case studies, as well as online via the EDB Digital Academy platform. Key programme areas include project finance, engagement with multilateral development banks, and the development of the energy, industrial and transport sectors.

The Eurasian Development Bank is a multilateral development bank operating across Eurasia. According to the bank, as of the end of June 2026, its cumulative investment portfolio comprised 348 projects with a total value of US$22.1 billion.

Its main investment areas include transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering.