EDB holds seminar on Islamic finance development in Central Asia

BAKU, Azerbaijan, October 24. The Eurasian Development Bank (EDB) has brought together international experts and regional financial market participants for a two-day practical seminar on the development of Islamic finance in Central Asia, the EDB reports.

In addition, representatives from the ministries of finance and economy, central and commercial banks, financial market regulatory authorities, and international organizations from Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan participated in the seminar.

The event was organized by the EDB in partnership with the Islamic Development Bank Institute (IsDB Institute), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).

The IsDB Institute shared approaches to selecting and structuring Islamic financial products, AAOIFI outlined international standards and Shariah governance principles, and the IFSB explained approaches to regulating and supervising Islamic financial institutions.

The seminar focused on the practical application of international standards and Islamic financial instruments. Participants examined how to structure a sukuk issuance and arrange financing for the acquisition of equipment for a solar power plant. They also explored how to incorporate regulatory requirements, Shariah principles and the economic parameters of a transaction into financial solutions.

A dedicated session and panel discussion addressed the prospects for developing Islamic finance in Central Asia and the EDB's regional initiatives. Participants also discussed approaches to country-level diagnostics and the development of roadmaps for market development.

"Islamic finance can provide an additional source of long-term capital for infrastructure and investment projects in Central Asia. To realize this potential, it is important to draw on international experience, take into account the specific characteristics of national financial systems, and strengthen the professional capabilities of market participants. Cooperation with IsDB Institute, AAOIFI, and IFSB enables us to bring together international expertise, facilitate knowledge exchange, and apply best practices tailored to the needs of countries across the region. We see our role as helping to strengthen professional capabilities and expand opportunities to use Islamic financial instruments to finance investment projects," said Ruslan Dalenov, Deputy Chairman of the EDB Management Board.

The event was organized by the EDB Academy and aimed to promote the development of Islamic finance in Central Asia, strengthen the capacity of market participants, improve regulatory frameworks and expand the use of Islamic financial instruments to attract capital into the region's economies.

The EDB Academy is an educational initiative of the Eurasian Development Bank. Its mission is to share the expertise accumulated by the Bank over 20 years with specialists from its member countries. Its participants include representatives of government bodies, businesses and financial institutions from EDB member states.

The Eurasian Development Bank is a multilateral development bank investing in Eurasia. For 20 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By the end of June 2026, the EDB's cumulative portfolio comprised 348 projects with total investments of $22.1 billion. Its portfolio consists primarily of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering.

The EDB is implementing three mega-projects as part of its 2022-2026 Strategy: the Eurasian Transport Network, the Eurasian Agricultural Goods Distribution System and the Central Asian Water and Energy Complex.