The EDB and the IsDBI Sign a Memorandum of Understanding on the Development of Islamic Finance in Central Asia
Almaty. A Memorandum of Understanding for the Development of Islamic Finance in Central Asia was signed between the EDB and the Islamic Development Bank Institute (IsDBI) on June 27, 2024, in Almaty, Republic of Kazakhstan, as part of the Eurasian Development Bank's Annual Meeting and Business Forum. The document was signed by Nikolai Podguzov, Chairman of the EDB Management Board, and Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute.
In accordance with the Memorandum, the parties agree to cooperate in a number of areas consistent with the IsDBI and EDB's mandates and strategies, one of them being the development of Islamic finance.
The Head of the Eurasian Development Bank thanked the partners from the Institute for supporting initiatives to develop Islamic finance in the Eurasian region.
"We have already launched a joint study entitled The Future of Islamic Finance in Central Asia. Its results will be presented by the end of 2024. We also plan to jointly develop Islamic finance in the region, provide technical assistance, make proposals to improve legislation, hold seminars, increase the potential and financial literacy of the local population, develop Islamic debt instruments and much more," said Nikolai Podguzov, Chairman of the EDB Board.
The Islamic Development Bank Institute is a leading research center in the field of Islamic finance and innovative solutions in economics. Established in 1981 as the Islamic Research and Training Institute, it was rebranded in 2021 as the IsDB Institute to better align with the IsDBI strategic priorities, make a tangible and sustainable contribution to economic growth, as well as enhance the well-being of population. The IsDBI is already taking part in the opening of the EDB's "Islamic Window" in Central Asia. The Memorandum will contribute to further development of the Islamic finance industry in the region; it will help meet the local need for unique financial products, as well as attract Islamic investments to the Bank's member countries.
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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