Eurasian Development Bank Partners with IsDB Institute to Advance Digital Financial Inclusion and Sukuk Initiatives
Almaty, 13 January 2025. The Eurasian Development Bank (EDB), in partnership with the Islamic Development Bank Institute (IsDBI), have jointly organized a groundbreaking workshop on Digital Postal Islamic Financial Services and the establishment of the Sukuk Finance Corporation (SFC) on December 5, 2024, in Almaty, Kazakhstan.
The hybrid event drew over 250 participants online and 25 key stakeholders in person, including high-ranking officials from the EDB, the IsDBI, the KazPost, the Digital Initiative Fund among others.
Building on discussions initiated during the IsDB Group Annual Meetings in Riyadh and the EDB Annual Meeting in Almaty earlier in the year, this workshop highlighted the EDB's strategic focus on Islamic finance. With plans to establish an Islamic banking window in Central Asia by 2025, the initiative reflects the Bank's dedication to expanding financial accessibility and sustainability across the region.
In his opening remarks, Nikolai Podguzov, Chairman of the EDB Management Board, emphasized the transformative potential of the collaboration: "This partnership with the IsDB Institute is a milestone in our journey to revolutionize financial systems in Central Asia. By integrating Islamic finance principles with digital innovation, we are unlocking new opportunities for inclusive and sustainable economic development. The workshop’s insights and initiatives mark an important step toward building resilient financial ecosystems that benefit all."
The IsDBI delegation, led by Acting Director General Dr. Sami Al-Suwailem, commended the EDB’s leadership in sustainable development. Dr. Al-Suwailem remarked on the pivotal role of EDB in pioneering innovative solutions to economic challenges, setting a benchmark for other financial institutions globally.
Key discussions during the workshop revolved around:
- The application of digital postal services to expand access to Islamic financial products.
- Sukuk issuance modalities as a strategic instruments for infrastructure development and capital mobilization.
- Aligning discussed initiatives with regional economic priorities.
This collaboration underscores the EDB's commitment to fostering innovation in financial services while promoting the core values of inclusion and sustainability. By integrating Islamic finance principles with cutting-edge technologies, the EDB and the IsDBI are charting a path for economic growth that serves as a model for other regions.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For more than 19 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 US $7 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. Kazakhstan accounts for almost 60% of the Bank’s investment portfolio.
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon for the IsDB Group, leading the exploration of innovative solutions for the economic challenges facing Member Countries and Muslim communities within the framework of Islamic economics and finance. Established in 1981 as the Islamic Research and Training Institute (IRTI), the Institute was rebranded in 2021 as IsDB Institute to better align with the strategic priorities of the IsDB and enable the Institute to contribute tangible and sustainable value for enhancing the well-being of our Member Countries.
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