Eurasian Development Bank Talks Up Islamic Finance Shots In Central Asia

(MENAFN- Trend News Agency) ALGIERS, Algeria, May 20. The further development of Islamic finance in Central Asia will expand financial inclusion, Chairman of the Management Board of the Eurasian Development Bank (EDB) Nikolai Podguzov said at the opening of the 19th Global Forum of the Islamic Development Bank (IDB) on Islamic Finance, held under the motto of "Digital Transformation and Financial Inclusion in Islamic Finance", Trend reports.

"Many businesses like Islamic Trade Financing Solutions are getting the opportunity to expand their presence in global markets. By integrating Islamic financial instruments into digital trade platforms, we can unlock new prospects for small and medium enterprises and boost regional trade," he said.

Podguzov underscored that Central Asia is currently positioned at a critical juncture in its fiscal metamorphosis.

"By embracing digital Islamic finance and financial inclusion, we can empower millions, strengthen our economies, and ensure that ethical finances remain at the heart of our development strategy.

Further development of Islamic finance in Central Asia will help expand access to finance and connect local businesses to the global Islamic market, thereby contributing to the economic growth of the region," he said.

Podguzov also said that the EDB intends to become a platform for Islamic finance in Central Asia and, probably, the first multilateral financial institution to play a leading role in Islamic finance.

"We propose enhancing cooperation with other stakeholders in the development of Islamic finance in the region," he added.

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