IFSB and EDB Solidify Partnership to Accelerate Islamic Finance Growth in Central Asia
BANGKOK, THAILAND — 15 OCTOBER 2026 — The Islamic Financial Services Board (IFSB) and the Eurasian Development Bank (EDB) today signed a Memorandum of Understanding (MoU) to accelerate the development, regulatory alignment, and financial stability of Islamic finance in Central Asia. The signing ceremony took place on the sidelines of the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group.
The MoU was signed by Dr. Ghiath Shabsigh, Secretary-General of the IFSB, and Mr Nikolai Podguzov, Chairman of the EDB Management Board, on behalf of their respective organisations. This MoU establishes a robust framework for cooperation to advance the soundness, stability, and expansion of the Islamic financial services industry across Central Asia and the broader Eurasian region.
The MoU focuses on four key pillars: delivering specialised regional capacity-building training and workshops for regulators, central banks, and market practitioners; extending technical guidance and advisory support to help national authorities refine regulatory frameworks in line with international benchmarks; publishing comprehensive joint research and market intelligence to identify emerging trends and developmental challenges in Central Asian financial markets; and co-hosting high-level strategic events and stakeholder dialogues to foster cross-border knowledge exchange and sustainable economic growth.
Speaking at the signing ceremony, Dr Ghiath shared, "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."
On his part, Mr. Podguzov added, "Islamic finance offers immense 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."
As a practical step, the Eurasian Development Bank (EDB) in cooperation with international partners including the IFSB, will hold the first joint workshop in Almaty, Kazakhstan, on 22–23 October. It 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.
The MoU also sets the course for several regional activities to begin as early as Q1 2027.
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IFSB Media Contact: · Name: Ms Nor Atiqah/Mr Ammar Khairi · Tel: +603 9195 1427 · Email: nor.atiqah@ifsb.org / ammar.khairi@ifsb.org |
EDB Media Contact · Name: Julia Kaufman · Tel: +7 (717) 255 84 84, ext. 2160 · Email: pressa@eabr.org |
About the Islamic Financial Services Board (IFSB)
The Islamic Financial Services Board (IFSB) is an international organisation committed to promoting the soundness and stability of the Islamic financial services industry (IFSI) by developing international standards for the regulation and supervision of the IFSI, supporting the adoption and consistent implementation of standards and sound industry development through capacity building and technical assistance, and monitoring financial stability and identifying current and emerging risks to the IFSI.
Established in 2003 and headquartered in Kuala Lumpur, Malaysia, the IFSB works closely with other international organisations, regulatory and supervisory authorities, and regional partners, aligning its efforts with global standards towards the sustainable growth and development of Islamic finance, and serves as a platform for cooperation and knowledge sharing among its members. For more information about the IFSB, please visit www.ifsb.org.
About the Eurasian Development Bank (EDB)
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 December 2025, 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. For more information, please visit https://eabr.org/
