ALMATY, Kazakhstan, June 27. The Eurasian Development Bank (EDB) and the Islamic Development Bank Institute (IsDB) signed a memorandum of understanding on the development of Islamic finance in Central Asia within the annual meeting and business forum in Almaty, Trend reports.
The document was signed by EDB Chairman of the Board Nikolai Podguzov and IsDB Institute CEO Sami Al-Suwailem.
Following the signing of the memorandum, Podguzov emphasized that the document would strengthen and expand cooperation between the parties.
"The Institute is already assisting in opening an Islamic Window in our bank. We are conducting a joint study on 'The Future of Islamic Finance in Central Asia', the results of which will be presented by the end of the year," he said.
According to him, the parties will also jointly develop Islamic finance in the region, provide technical assistance, make proposals to improve legislation in the region, and hold seminars.
"This will allow us to develop the industry of Islamic finance, meet the needs of the population for unique financial products, attract Islamic investments in the region, and contribute to the sustainable development of the Central Asian region," he added.
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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