First Session Of EDB Business Forum Kicks Off In Kazakhstan's Almaty (PHOTO)
Date
6/27/2024 2:17:36 AM
(MENAFN- Trend News Agency)
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, Trend 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.
Will be updated
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