ALMATY, Kazakhstan, June 27. The first session on "Islamic Finance in Central Asia" has started as part of the Eurasian Development Bank (EDB) Business Forum in Almaty, TurkicWorld reports.
The session participants will discuss the fundamental principles of project financing in Central Asian states, examine related problems, and consider mechanisms for their resolution.
The topics of the speakers' reports and presentations will be the influence of legislation and state regulation on the development of Islamic banking and finance.
As of early 2024, the Islamic finance segment accounts for two percent of global banking assets, amounting to $4 trillion, and it's growing rapidly.
The average annual growth rate of Islamic assets worldwide was 10.5 percent from 2015 through 2021, compared to 5.8 percent for traditional financial assets.
Islamic banks have established strong positions in more than 40 countries around the world and are beginning to effectively compete with classical credit institutions.
The EDB began developing Islamic finance in 2023, with the support of the Islamic Development Bank (IDB), creating a special "Islamic window" for providing financing according to Islamic finance principles.
As a regional development bank, the EDB plans to act as a "conductor" and regional partner for Islamic investments in Central Asia.
