Kazakhstan News 15 October 2026 12:03 (UTC +04:00)
Photo: Eurasian Development Bank
BAKU, Azerbaijan, October 15. The Islamic Financial Services Board (IFSB) and the Eurasian Development Bank (EDB) signed today a memorandum of understanding (MoU) to accelerate the development of Islamic finance, align regulatory frameworks, and strengthen financial stability in Central Asia, the EDB reported.
The agreement was signed on the sidelines of the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand, by IFSB Secretary-General Ghiath Shabsigh and EDB Management Board Chairman Nikolai Podguzov.
The MoU establishes a framework for cooperation to promote the soundness, stability and expansion of the Islamic financial services industry across Central Asia and the broader Eurasian region.
The agreement focuses on four areas: specialized regional training and workshops for regulators, central banks and market practitioners; technical guidance and advisory support to help national authorities improve regulatory frameworks in line with international standards; joint research and market analysis to identify emerging trends and development challenges in Central Asian financial markets; and high-level events and stakeholder discussions to promote cross-border knowledge exchange and sustainable economic growth.
"This MoU establishes a cooperation that will combine IFSB’s expertise in supporting the sound development of Islamic finance with the EDB’s regional development objectives. Together, we look to support Central Asian economies in developing resilient and inclusive financial systems," Shabsigh said.
Podguzov said Islamic finance offers significant potential to diversify funding sources, attract sustainable investments and drive long-term economic development across Eurasia.
"The cooperation with IFSB grants our member states practical access to global regulatory expertise as the sector grows," he said.
As a practical step, the EDB, in cooperation with international partners, including the IFSB, will hold a joint workshop in Almaty, Kazakhstan, on October 22-23. The event will 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.
Several regional activities are expected to begin as early as the first quarter of 2027 under the MoU.