EDB and Dar Al Sharia Sign an Agreement on the Development of Islamic Finance in Central Asia
Almaty. The ceremony of signing a Cooperation Agreement on Islamic Finance between the EDB and Dar Al Sharia was held on June 27, 2024, in Almaty, Republic of Kazakhstan, as part of the Eurasian Development Bank's Annual Meeting and Business Forum. The event was attended by Nikolai Podguzov, Chairman of the EDB Management Board, and Ammar Ahmed, CEO of Dar Al Sharia.
The Head of the Eurasian Development Bank congratulated those present at the ceremony and noted that the Agreement would strengthen the ties and expand the partnership between the parties. "We have agreed on long-term cooperation, development of Islamic finance banking products, and portfolio transformation consulting services. This will allow us to create unique financial products, increase Islamic investments and support the sustainable development of the Central Asian region," Mr. Podguzov concluded.
Dar Al Sharia Consulting Company (UAE) is a subsidiary of Dubai Islamic Bank, one of the first Islamic banks in the world. Dar Al Sharia is a recognized global leader in the development of Islamic banking; it provides consulting services to international financial institutions, organizations, central banks and public agencies of various countries.
The Agreement will strengthen the Eurasian Development Bank's effort to create an Islamic banking market in Central Asia. In early 2024, the EDB, together with Dar Al Sharia, began developing the Islamic Window project. The company helps the EDB in setting up appropriate procedures and processes.
The EDB's Annual Meeting and Business Forum took place on June 27-28, 2024 in Almaty, Republic of Kazakhstan. The event’s sessions recordings are available here: https://www.youtube.com/@infoEABR/streams
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals $7 bln. Its 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.
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