EDB and AAOIFI join forces to develop Islamic finance in Central Asia
Almaty, 25 June 2026.
The Eurasian Development Bank (EDB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed a Memorandum of Understanding aimed at expanding cooperation in the development of Islamic finance in Central Asia.
The document was signed by Nikolai Podguzov, Chairman of the EDB Management Board, and Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees.
The document envisages strengthening ties to attract investment to Central Asia. The parties will jointly develop Islamic finance products, promote the advanced training of institutions and professionals in Islamic finance, and improve Islamic finance standards. The document also consolidates the EDB's role as AAOIFI's regional partner in Central Asia.
As the only specialized international institution, AAOIFI is responsible for the standardization and unification of global partner banking practices. The organization creates a regulatory framework in the areas of auditing, financial reporting, ethics, and governance for market participants and their financial products. So far, the organization has issued 117 standards and technical regulations. AAOIFI also certifies the qualifications and competencies of experts engaged in partner financing.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 20 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By the end of December 2025, the EDB’s cumulative portfolio comprised 326 projects with a total investment of US $19.6 billion. The Bank's portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
As part of its 2022–2026 Strategy, the EDB is implementing 3 mega-projects: The Water and Energy Complex of Central Asia, The Eurasian Transport Network, and The Eurasian Commodity Distribution Network.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is the only international organization dedicated to standardizing and harmonizing international practices of financial partnerships. Unlike traditional international standards (such as IFRS), AAOIFI adapts financial reporting and auditing to Shariah laws and regulations. The organization's primary mission is to ensure transparency, ethics, and compliance with Islamic principles in all financial transactions. AAOIFI's institutional members include central banks and securities regulators, financial institutions, accounting and auditing firms, and legal firms from over 45 countries.
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