ALMATY, Kazakhstan, June 27. The Eurasian Development Bank (EDB) and consulting company Dar Al Sharia signed an agreement on cooperation in the field of Islamic finance within the framework of the annual meeting and business forum in Almaty, Trend reports.
According to information, the document was signed by EDB Chairman of the Board Nikolai Podguzov and from the side of Dar Al Sharia Executive Director Ammar Ahmed.
Following the signing of the agreement, Podguzov noted that earlier this year, the EDB, together with Dar Al Sharia, started practical preparations for the opening of the bank's Islamic Window.
"The company is assisting the bank in customizing the bank's relevant procedures and processes. This agreement will strengthen and expand our partnership. We have agreed on long-term cooperation, continuing to work on the development of Islamic finance banking products, advising on the conversion of the conventional portfolio into an Islamic finance-compliant portfolio, and other aspects of the practical implementation of the Islamic Window," he said.
He stated that this will allow the preparation of unique financial products that meet international standards, increase Islamic investments in the region, and contribute to the sustainable development of the Central Asian region.
To note, the EDB's annual meeting (business forum) is being held in Almaty. The event will last two days (June 27–28).
The event will include several sessions on Islamic finance, transportation, the environment, energy, and digital technologies.
The Eurasian Development Bank is a multilateral development bank engaged in investment activities in Eurasia.
The authorized capital of the EDB is $7 billion. The main share of the EDB's portfolio is occupied by projects with integration effects in the areas of transportation infrastructure, digital systems, green energy, agriculture, industry, and machine building.
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