BAKU, Azerbaijan, October 15. The Islamic
Financial Services Board (IFSB) and the Eurasian Development Bank
(EDB) signed today a memorandum of understanding (MoU) to
accelerate the development of Islamic finance, align regulatory
frameworks, and strengthen financial stability in Central Asia, the
EDB reported.


The agreement was signed on the sidelines of the 2026 Annual
Meetings of the International Monetary Fund and the World Bank
Group in Bangkok, Thailand, by IFSB Secretary-General Ghiath
Shabsigh and EDB Management Board Chairman Nikolai Podguzov.


The MoU establishes a framework for cooperation to promote the
soundness, stability and expansion of the Islamic financial
services industry across Central Asia and the broader Eurasian
region.


The agreement focuses on four areas: specialized regional
training and workshops for regulators, central banks and market
practitioners; technical guidance and advisory support to help
national authorities improve regulatory frameworks in line with
international standards; joint research and market analysis to
identify emerging trends and development challenges in Central
Asian financial markets; and high-level events and stakeholder
discussions to promote cross-border knowledge exchange and
sustainable economic growth.


"This MoU establishes a cooperation that will combine IFSB’s
expertise in supporting the sound development of Islamic finance
with the EDB’s regional development objectives. Together, we look
to support Central Asian economies in developing resilient and
inclusive financial systems," Shabsigh said.







Podguzov said Islamic finance offers significant potential to
diversify funding sources, attract sustainable investments and
drive long-term economic development across Eurasia.


"The cooperation with IFSB grants our member states practical
access to global regulatory expertise as the sector grows," he
said.


As a practical step, the EDB, in cooperation with international
partners, including the IFSB, will hold a joint workshop in Almaty,
Kazakhstan, on October 22-23. The event will bring together more
than 70 representatives of central banks, regulatory authorities,
ministries of finance and economy, and financial institutions from
Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan.


Several regional activities are expected to begin as early as
the first quarter of 2027 under the MoU.