Islamic financing is poised to inject an additional $2bn into Central Asian countries by 2028, Deputy Chairman Ruslan Dalenov announced at the annual meeting of the Eurasian Development Bank (EDB) in Almaty. This initiative, in collaboration with the Islamic Development Bank, aims to bolster investment opportunities and fortify the region's financial systems.
"Islamic financing may bring new investments to Central Asian countries, enhancing the financial ecosystem, leveraging domestic financial resources, diversifying financial products, meeting consumer demand, and contributing an additional $2bn by 2028 through our partnership with the EDB," Dalenov remarked.
Highlighting the EDB's nearly two-decade presence in Central Asia, Dalenov stressed the institution's strategic positioning, extensive client base, and proficiency in bridging conventional and Islamic banking practices.
He outlined plans for 2024, including internal documentation development and procedural refinements, with a full-scale Islamic window launch slated for 2025. Pilot projects will initially focus on gaining operational experience, supporting large-scale investments, and proposing legislative enhancements across Central Asia.
"The EDB is committed to actively promoting Islamic financing in the region by attracting new investments and introducing innovative economic instruments to foster regional development," Dalenov affirmed.
The EDB's annual meeting commenced on June 27 in Almaty, drawing delegates from development banks, international organizations, business leaders, and experts. Discussions centered on water and energy management, transport logistics, and financial market dynamics within the Eurasian region. A concurrent business forum is scheduled, expected to yield several bilateral agreements. The meeting concludes on June 28.
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