EDB Brings Together International Expertise to Develop Islamic Finance in Central Asia
Almaty, October 24, 2026. The Eurasian Development Bank (EDB) brought together international experts and regional financial market participants to advance Islamic finance in Central Asia through a two-day practical seminar. The seminar brought together representatives of ministries of finance and economy, central and commercial banks, financial market regulators, and international organizations from Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
The Islamic Development Bank Institute (IsDB Institute), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and the Islamic Financial Services Board (IFSB) partnered with the EDB to deliver the seminar. IsDB Institute shared approaches to selecting and structuring Islamic financial products, AAOIFI outlined international standards and Shariah governance principles, and IFSB explained approaches to regulating and supervising Islamic financial institutions.
From International Standards to Investment Solutions
The seminar focused on the practical application of international standards and Islamic finance instruments. Participants examined how to structure a sukuk issuance and arrange financing for the acquisition of equipment for a solar power plant. They 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 market development roadmaps.
“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 at promoting the development of Islamic finance in the region, strengthening the capacity of market participants, improving regulatory frameworks, and expanding the use of Islamic financial instruments to attract capital into the economies of Central Asian countries.
Additional Information
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. The Academy's students include representatives of government bodies, businesses and financial institutions from the EDB member states. Training is delivered in two formats: in-person programmes (seminars, workshops, case sessions) and online courses on the EDB Digital Academy platform. The Academy's events have already covered most countries of the Eurasian region.
The Academy’s educational programmes cover project finance, working with multilateral development banks, and the development of key economic sectors, including energy, industry and transport. For more information, please visit: https://academy.eabr.org/home
The Eurasian Development Bank (EDB) 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 a total investment of US $22.1 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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.
The EDB Media Centre:
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