Tashkent, Uzbekistan (UzDaily.uz) — The Eurasian Development Bank (EDB) and the Islamic Financial Services Board (IFSB) have signed a memorandum of understanding to promote Islamic finance in Central Asia, align regulatory approaches and strengthen financial stability.
The document was signed on 15 October 2026 in Bangkok by IFSB Secretary-General Gyat Shabsigh and EDB Management Board Chairman Nikolai Podguzov. The signing ceremony took place on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group.
The agreement covers four areas of cooperation: professional training for financial sector representatives, support for improving regulatory frameworks, joint research on regional markets and events to facilitate the exchange of experience among stakeholders.
Under the memorandum, the two organisations plan to conduct training programmes and seminars for central banks, regulatory authorities and financial market participants.
The agreement also provides for technical consultations on aligning national legislation with international standards, the preparation of analytical materials on market development trends and the organisation of high-level dialogue platforms.
Shabsigh said the partnership would combine the IFSB’s expertise in Islamic finance with the EDB’s regional development priorities. He added that the cooperation was intended to support the development of resilient and inclusive financial systems across Central Asia.
Podguzov said Islamic finance could help diversify funding sources, attract sustainable investment and support long-term economic development across the Eurasian region.
Cooperation with the IFSB, he added, would give EDB member countries access to international expertise in Islamic financing.
The first joint seminar will take place in Almaty on 22–23 October 2026. The EDB and international partners, including the IFSB, are organising the event, which is expected to bring together more than 70 representatives of central banks, regulatory authorities, finance and economy ministries, and financial institutions from Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan.
The memorandum also предусматривает a series of regional events in the first quarter of 2027.
The two organisations expect the partnership to support the development of Islamic financial services, improve regulatory frameworks and strengthen financial cooperation in Central Asia and the wider Eurasian region.
