At the end of June, the Eurasian Development Bank (EDB) concluded two agreements on the development of Islamic finance in Central Asia. This includes:
- Memorandum of Understanding between the Islamic Development Bank (IsDB) Institute and the EDB on the Development of Islamic Finance in Central Asia
- Cooperation agreement between EDB and Dar Al Sharia on Islamic finance
In accordance with the Memorandum, the parties agreed to cooperate in a number of areas consistent with the mandates and strategies of the IsDB Institute and EDB, one of which is the development of Islamic finance.
Currently, the IsDB Institute and the EDB are conducting a joint study entitled “The Future of Islamic Finance in Central Asia”, the results of which will be presented by the end of 2024.
The IsDB is taking part in the opening of the EDB’s “Islamic Window” in Central Asia.
The Memorandum will contribute to the further development of the Islamic finance industry, as well as attracting Islamic investments to the Bank’s member states.
There are plans to provide technical assistance, make proposals for improving legislation, hold seminars, increase the potential and financial literacy of the population, develop Islamic debt instruments and much more.
The agreement with Dar Al Sharia (UAE), a recognized world leader in the development of Islamic banking, will strengthen the EDB’s work to create an Islamic banking market in Central Asia. In early 2024, the EDB, together with Dar Al Sharia, launched the Islamic Window project. The company helps the EDB in setting up appropriate procedures and processes.
The Islamic Development Bank Institute is a leading research center in the field of Islamic finance and innovative solutions in economics. Established in 1981 as the Islamic Research and Training Institute, it was rebranded in 2021 as the IsDB Institute to better align with the IsDBI strategic priorities, make a tangible and sustainable contribution to economic growth, as well as enhance the well-being of population.
Dar Al Sharia Consulting Company is a subsidiary of Dubai Islamic Bank, one of the first Islamic banks in the world. Dar Al Sharia provides consulting services to international financial institutions, organizations, central banks and public agencies of various countries.///nCa, 16 July 2024