BAKU, Azerbaijan, October 24. The Eurasian
Development Bank (EDB) has brought together international experts
and regional financial market participants for a two-day practical
seminar on the development of Islamic finance in Central Asia, the
EDB reports.


In addition, representatives from the ministries of finance and
economy, central and commercial banks, financial market regulatory
authorities, and international organizations from Kazakhstan,
Kyrgyzstan, Tajikistan, and Uzbekistan participated in the
seminar.


The event was organized by the EDB 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, and the
IFSB explained approaches to regulating and supervising Islamic
financial institutions.


The seminar focused on the practical application of
international standards and Islamic financial instruments.
Participants examined how to structure a sukuk issuance and arrange
financing for the acquisition of equipment for a solar power plant.
They also 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 roadmaps for
market development.







"Islamic finance can provide an additional source of long-term
capital for infrastructure and investment projects in Central Asia.
To realize this potential, it is important to draw on international
experience, take into account the specific characteristics of
national financial systems, and strengthen the professional
capabilities of market participants. Cooperation with IsDB
Institute, AAOIFI, and IFSB enables us to bring together
international expertise, facilitate knowledge exchange, and apply
best practices tailored to the needs of countries across the
region. We see our role as helping to strengthen professional
capabilities and expand opportunities to use Islamic financial
instruments to finance investment projects," said Ruslan Dalenov,
Deputy Chairman of the EDB Management Board.


The event was organized by the EDB Academy and aimed to promote
the development of Islamic finance in Central Asia, strengthen the
capacity of market participants, improve regulatory frameworks and
expand the use of Islamic financial instruments to attract capital
into the region's economies.


The EDB Academy is an educational initiative of the Eurasian
Development Bank. Its mission is to share the expertise accumulated
by the Bank over 20 years with specialists from its member
countries. Its participants include representatives of government
bodies, businesses and financial institutions from EDB member
states.


The Eurasian Development Bank is a multilateral development bank
investing in Eurasia. For 20 years, the Bank has worked to
strengthen and expand economic ties and foster comprehensive
development in its member countries. By the end of June 2026, the
EDB's cumulative portfolio comprised 348 projects with total
investments of $22.1 billion. Its portfolio consists primarily of
projects with an integration effect in transport infrastructure,
digital systems, green energy, agriculture, manufacturing and
mechanical engineering.


The EDB is implementing three mega-projects as part of its
2022-2026 Strategy: the Eurasian Transport Network, the Eurasian
Agricultural Goods Distribution System and the Central Asian Water
and Energy Complex.