The EDB and the IFSB have agreed to develop Islamic finance in Central Asia

The Eurasian Development Bank (EDB) and the Islamic Financial Services Board (IFSB) have signed a memorandum of cooperation to develop Islamic finance and improve regulation in Central Asia. The first practical step will be a joint seminar in Almaty on 22–23 October.

The document was signed on 15 October in Bangkok by Nikolai Podguzov, Chairman of the EDB’s Board of Directors, and Giat Shabsig, Secretary-General of the IFSB, on the sidelines of the annual meetings of the IMF and the World Bank.

The parties plan to organise training for regulators and financial market participants, conduct joint research and assist countries in improving their legislation in line with international standards.

More than 70 representatives from central banks, government bodies and financial institutions in Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan will take part in the seminar in Almaty. Regional events are also planned for the first quarter of 2027.

This cooperation aims to expand the scope of Islamic finance, attract investment and strengthen financial stability in the region.