ALMATY, June 27. /TASS/. Islamic financing will allow bringing new investment and an additional $2 bln to Central Asian countries by 2028 through cooperation with the Eurasian Development Bank (EDB), Deputy Chairman of the EDB Management Board Ruslan Dalenov said at the bank’s annual meeting in Almaty.
"Islamic financing may bring to Central Asian countries new investment, strengthening of the financial system, deployment of domestic financial resources, diversification of financial products, satisfaction of consumer demand and an additional $2 bln by 2028 through cooperation between Islamic finance and the EDB," he said.
He mentioned such factors as an almost 20-year experience, the presence of offices in Central Asian countries, a long customer database and possibilities of reconciling ordinary banking with Islamic banking among those enabling the bank to guide Islamic financing.
This year, Eurasian Development Bank with the help of the Islamic Development Bank will work out in-house documentation and fine-tune procedures, while in 2025 it will fully launch the Islamic window, Dalenov said, adding that pilot projects will be launched in the first place, which will allow receiving experience, as well as starting financing large investment projects and developing proposals for improving legislation in Central Asia. "The EDB is keen to actively guide Islamic financing in the region through attracting new investment, offering new instruments for developing economies in the countries of the region," he concluded.
The EBD’s annual meeting started on June 27 in Almaty with the participation of representatives of development banks, international entities, business and scientific circles, experts. The agenda covers discussion of issues related to water and energy balance, development of transport and logistic routes and financial markets of the Eurasian area. A business forum will be held as part of the meeting, with a number of documents expected to be signed. The meeting will end on June 28.