The EDB joins the Islamic Financial Services Board as an Associate Member
Almaty, 25 December 2024. The Eurasian Development Bank (EDB) has become an Associate Member of the Islamic Financial Services Board (IFSB) following the 45th Council Meeting hosted in Djibouti. The meeting, held on 22 December 2024, under the leadership of H.E. Ahmed Osman Ali, Governor of the Banque Centrale de Djibouti, marked a significant step forward in advancing Islamic financial services across member jurisdictions.
The EDB now joins a prestigious cohort of new member organisations that includes the Central Bank of the Republic of Uzbekistan and the Centrale Bank van Suriname, as an Associate Member.
As an Associate Member, the EDB is poised to contribute to the IFSB’s objectives of promoting sound supervisory standards and effective governance in Islamic finance. The EDB is excited about the opportunity to collaborate with other member institutions to promote the growth and integration of Islamic finance within the Eurasian region.
Nikolai Podguzov, Chairman of the EDB Management Board, commented: “Our collaboration with the IFSB will enable us to leverage our expertise in promoting Islamic finance in the region and to become part of the global Islamic banking network. Our Bank is looking forward to contributing to the IFSB’s mission of fostering stability and resilience associated with the Islamic financial services industry, including the joint implementation of initiatives to enhance knowledge sharing and cooperation.”
Additionally, during this landmark meeting, the IFSB Council celebrated the appointment of H.E. Abdellatif Jouahri, Governor of Bank Al-Maghrib (Morocco), as the new Chairman for 2025, alongside H.E. Dr. Perry Warjiyo, Governor of Bank Indonesia, as Deputy Chairman. Moreover, a new Executive Committee was established, with H.E. Datuk Shaik Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia, stepping in as its Chairman for the 2025–2026 term.
The IFSB's Secretary-General, Dr. Ghiath Shabsigh, expressed enthusiasm for the new leadership, stating: “The IFSB Secretariat welcomes the new leadership of both the Council and the Executive Committee and looks forward to collaborating with them to fulfil the IFSB mandate.”
The establishment of a “Donor-Funding” account was also approved to further support capacity development programmes in member jurisdictions, reflecting the IFSB’s commitment to enhancing the infrastructure of Islamic financial services globally.
In his closing remarks at the event, Dr. Ghiath Shabsigh expressed his gratitude to all members for their active participation, emphasising their role in ensuring the effective governance of the IFSB.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution 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. Kazakhstan accounts for almost 60% of the Bank’s investment portfolio.
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3 November 2002 and started operations on 10 March 2003. It serves as an international standard-setting body for regulatory and supervisory agencies that have a vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry by introducing new or adapting existing international standards consistent with Sharî’ah principles and recommending them for adoption.
As of July 2024, the 188 members of the IFSB comprised 81 regulatory and supervisory authorities, 10 international inter-governmental organisations, and 97 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 58 jurisdictions.
Malaysia, the host country of the IFSB, has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organisations and diplomatic missions.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 6148 and 3730