Almaty, 28 January 2025. The Eurasian Development Bank (EDB) has become a member of the Accounting and Auditing Organisation for
Islamic Financial Institutions (AAOIFI), as part of the Bank’s steps towards promoting financial inclusion, diversification of the financial market and supporting the development of Islamic finance products across its member states and Central Asia as a whole.
The EDB’s partnership with AAOIFI is integral to fostering the adoption and integration of Islamic finance standards in its region of operations, strengthening cooperation and partnerships of financial markets globally. By promoting standardized practices, the collaboration will facilitate cross-border transactions, attract investments, and enhance capacity building within the Islamic finance sector.
Furthermore, this partnership will enable training programmes, workshops and knowledge-sharing initiatives, contributing to a deeper
understanding of Islamic finance principles and their application. AAOIFI, a globally recognised Islamic finance industry organisation, is
responsible for the development, advocacy and promulgation of standards for accounting, auditing, governance, ethics
and Shariacompliance. The organisation plays a pivotal role in harmonising Sharia-compliant financial practices worldwide, creating a
unified framework that enhances the integrity and appeal of Islamic finance.
Central Asia lies at the intersection of diverse economic opportunities, and closer ties with AAOIFI will catalyse the region’s integration into the broader Islamic financial ecosystem. As the EDB continues its efforts to diversify the economies of its member countries, this partnership will help unlock new channels for Sharia-compliant investments, fostering financial inclusion, advancing sustainability goals and supporting Environmental, Social and Governance (ESG) objectives.
With its plans to establish an Islamic banking window in 2025, the EDB is poised to become a major player in advancing Islamic finance in
Central Asia. The Bank is actively leveraging innovative tools such as Sukuk, Islamic project financing and digital financial platforms to
create synergies between its member states and the broader Islamic financial market.
By joining forces with AAOIFI, the EDB is reinforcing its commitment to creating a unified platform for Sharia-compliant financial transactions, driving economic growth and contributing to the long-term prosperity of the region.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For more than 18 years, the Bank has
worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB’s charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital
systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development
Goals and ESG principles in its operations. Kazakhstan accounts for almost 60% of the Bank’s investment portfolio.
AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organization primarily responsible
for the development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas
ofSharia, accounting, auditing, ethics and governance for international Islamic finance. A number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms from over 45 countries, supports it. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 6148 and 3730
[email protected]
Source: https://eabr.org/en/press/news/the-eurasian-development-bank-joins-aaoifi-to-strengthen-islamic-finance-in-central-asia-and-beyond/