The Islamic Financial Services Board (IFSB) and the Eurasian Development Bank (EDB) signed a Memorandum of Understanding to accelerate the development, regulatory alignment, and financial stability of Islamic finance in Central Asia.
The signing ceremony took place on the sidelines of the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group. Dr. Ghiath Shabsigh, Secretary-General of the IFSB, and Mr. Nikolai Podguzov, Chairman of the EDB Management Board, signed the MoU.
This MoU establishes a robust framework for cooperation to advance the soundness, stability, and expansion of the Islamic financial services industry across Central Asia and the broader Eurasian region.
The MoU focuses on four key pillars: delivering specialized regional capacity-building training and workshops for regulators, central banks, and market practitioners; extending technical guidance and advisory support to help national authorities refine regulatory frameworks in line with international benchmarks; publishing comprehensive joint research and market intelligence to identify emerging trends and developmental challenges in Central Asian financial markets; and co-hosting high-level strategic events and stakeholder dialogues to foster cross-border knowledge exchange and sustainable economic growth.
Speaking at the signing ceremony, Dr Ghiath shared, “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”.
On his part, Mr. Podguzov added, “Islamic finance offers immense 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”.
As a practical step, the Eurasian Development Bank (EDB), in cooperation with international partners including the IFSB, will hold the first joint workshop in Almaty, Kazakhstan, on 22-23 October. It 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.
The MoU also sets the course for several regional activities to begin as early as Q1 2027.
Source: UzA
