The EDB Business Forum to begin with discussion on Islamic Finance in Central Asia
Almaty, 25 June 2024. The Eurasian Development Bank (EDB) and representatives from businesses, financial organisations and experts will explore key topics of Islamic banking development in Central Asian countries at the Annual Meeting and Business Forum to be held on 27–28 June in Almaty.
The session will delve into the fundamental principles of project financing in Central Asia, addressing related challenges and solutions. Speakers will present on the impact of legislation and government regulation on the development of Islamic banking and finance. They will outline trends in Islamic finance and banking and assess the potential of Islamic finance for the Eurasian economy and global finance.
As of early 2024, Islamic finance accounted for 2% of global banking assets, reaching US $4 trillion, and is growing rapidly. Between 2015 and 2021, Islamic assets globally expanded at an average annual rate of 10.5%, compared to 5.8% for conventional financial assets.
Islamic banks have established a strong presence in more than 40 countries and are beginning to compete effectively with conventional lending institutions.
Beyond the Gulf and Southeast Asian countries, the European Union and North Africa are also witnessing active development of Islamic finance. For example, the UK leads Europe in Islamic banking with US $7.5 billion in assets. In Central Asia, Kazakhstan is at the forefront of Islamic finance development, representing 68% of all Islamic finance in the region.
Despite this rapid growth, the Islamic finance sector in Central Asian countries remains in its nascent stage, with Islamic financial instruments accounting for 0.2% to 1.5% of banking assets. In this context, the EDB has actively embarked on developing Islamic banking mechanisms. With support from the Islamic Development Bank (IsDB), it is now setting up an Islamic window to invest in projects that comply with Islamic finance principles.
The session will be moderated by Yahya Rehman, Associate Manager at the Islamic Development Bank Institute.
Moderator:
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Yahya Rehman – Associate Manager, Islamic Development Bank Institute
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Ruslan Dalenov – Vice Chairman of the Management Board, Eurasian Development Bank
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Dr Sami Al-Suwailem – Acting Director General, Islamic Development Bank Institute
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Hamza Khalid Bawazir – Executive Vice President and Head of Shariah Division, Saudi National Bank
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Madina Abylkassymova – Chairperson, Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market
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Dauren Kenbeil – Vice Minister of Finance of the Republic of Kazakhstan
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Ivan Chebeskov – Deputy Minister of Finance of the Russian Federation
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Aidyn Tairov – Deputy Chairman of the Management Board, Al Hilal Bank
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 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.
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