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Add to Preferred SourcesThe Eurasian Development Bank (EDB) gathered international experts and regional financial market participants in Almaty on October 24, 2026, for a two-day practical seminar aimed at advancing Islamic finance in Central Asia, according to a press release. The event brought together representatives of ministries of finance and economy, central and commercial banks, financial market regulators, and international organizations from Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. It was organized by the EDB Academy. The initiative seeks to strengthen the capacity of market participants and improve regulatory frameworks. It also aims to expand the use of Islamic financial instruments to attract capital into regional economies.
The seminar was delivered in partnership with the Islamic Development Bank Institute (IsDB Institute), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and the Islamic Financial Services Board (IFSB). The IsDB Institute shared approaches to selecting and structuring Islamic financial products. AAOIFI outlined international standards and Shariah governance principles. IFSB explained approaches to regulating and supervising Islamic financial institutions. Together, the three partners provided a cross-section of technical and regulatory knowledge.
Discussions focused on the practical application of international standards and Islamic finance instruments. Participants examined how to structure a sukuk issuance and arrange financing for the acquisition of equipment for a solar power plant. They explored how to incorporate regulatory requirements, Shariah principles, and the economic parameters of a transaction into financial solutions. A dedicated session and panel discussion addressed the prospects for developing Islamic finance in Central Asia and the EDB’s regional initiatives. Participants also discussed approaches to country-level diagnostics and the development of market development roadmaps.
Ruslan Dalenov, Deputy Chairman of the EDB Management Board, highlighted the strategic value of the collaboration.
“Islamic finance can provide an additional source of long-term capital for infrastructure and investment projects in Central Asia,” he said.
He added that realizing this potential requires drawing on international experience, considering the specific characteristics of national financial systems, and strengthening the professional capabilities of market participants. He noted that cooperation with the IsDB Institute, AAOIFI, and IFSB enables the EDB to bring together international expertise and apply best practices tailored to regional needs. Dalenov described the EDB’s role as helping to strengthen professional capabilities and expand opportunities to use Islamic financial instruments.
The EDB Academy, which organized the seminar, is an educational initiative sharing expertise accumulated by the Bank over 20 years with specialists from member countries. The EDB is a multilateral development bank investing in Eurasia, with a cumulative portfolio of 348 projects totaling US $22.1 billion by the end of June 2026. Its portfolio focuses on 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. Under its 2022–2026 Strategy, the EDB is implementing three mega-projects: the Eurasian Transport Network, the Eurasian Agricultural Goods Distribution System, and the Central Asian Water and Energy Complex.