The EDB implements its first pilot project in Islamic finance
Astana, 20 November 2025
The Eurasian Development Bank (EDB) and Eastcomtrans signed a General Commodity Murabaha Agreement in Astana. The document was executed by Ruslan Dalenov, Vice Chairman of the EDB Management Board, and Almas Abaideldinov, CEO of Eastcomtrans.
The EDB is pleased to announce the launch of its first Islamic finance project in the real sector, which marks an important milestone in the Bank’s development as an institution promoting alternative and sustainable financial solutions in its member countries. Financing will be provided through the Islamic Commodity Murabaha mechanism used in international practice.
About the Project
The project is being implemented in partnership with Eastcomtrans, Kazakhstan’s largest private rolling stock operator. The funds will be used for overhauls, roundhouse maintenance and routine repairs of Eastcomtrans’s railcars to improve the efficiency of freight transport, enhance connectivity and advance logistics infrastructure in the region.
Ruslan Dalenov, Vice Chairman of the EDB Management Board, noted:
“The project is a significant achievement for the Bank. It demonstrates our commitment to implementing financial instruments and expanding our business. The EDB plans to continue opening up new horizons that make a real contribution to the region’s prosperity.”
Strategic Importance of the Project
The development of Islamic finance is a promising area of the EDB’s operations. The project has laid the foundation for establishing the Bank’s Islamic window and strengthened its position as an international development institution offering a wide range of financial solutions tailored to the needs of its member countries.
The first project in Islamic finance has paved the way to further expand this practice in the EDB’s operations and opened up new opportunities to support key industries and infrastructure initiatives in the region.
Murabaha is an Islamic financing instrument. It is a sales contract where the commodity price includes an agreed profit margin and the customer pays it in instalments.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank 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. By July 2025, the EDB’s cumulative portfolio comprised 319 projects with a total investment of US $19.1 billion. The 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.
Eastcomtrans is a private rolling stock operator in Central Asia, ranking among the 50 largest private companies in Kazakhstan. It has offices in 11 cities in Kazakhstan and Russia and manages over 11,000 railcars.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 4774 and 2160
http://eabr.org
