The Eurasian Development Bank (EDB) plans to introduce Islamic financing instruments by mid-2025, according to Deputy Chairman of the Management Board Ruslan Dalenov, speaking at a press conference to journalists.
According to him, The EDB is exploring new avenues to expand its product portfolio, with Islamic financing emerging as a key focus, Dalenov said. The bank believes that implementing these tools could attract an additional $1 billion in annual investments to Central Asian countries from international markets.
A steering commitee has already been established to oversee the development of Islamic financing and engaged an international consultant. The Islamic Development Bank is also providing support in advancing this initiative.
According to Ruslan Dalenov, the EDB, according to its international status, has the ability to simultaneously provide conventional financing and Islamic financing. For this purpose, active work is underway to introduce a new product. In macroeconomic sense it is also new investments. Central Asian states will be able to take advantage of the new type of financing by attracting investments from the large markets of the Persian Gulf, East Asia and other countries.
