ALMATY, Kazakhstan, June 26. The Islamic Development Bank (IsDB) sees significant opportunities for attracting Islamic finance to Kazakhstan's infrastructure projects, a representative of IsDB and an expert on Islamic finance, Yahya Rehman, told reporters on the sidelines of the Eurasian Development Bank (EDB) Annual Meeting and Business Forum in Almaty, Trend's correspondent reports from the event.
"We see significant opportunities for attracting Islamic finance to Kazakhstan's infrastructure projects. Islamic banks and financial institutions invest in real assets, and this is where the Kazakhstani market has significant potential due to its scale," Rehman said.
He pointed out that technical assistance is key to creating a favorable environment and developing potential in Islamic finance.
"As noted during our joint session with other multilateral development banks, they are increasingly coordinating their work to avoid duplication of projects, pooling efforts, and promoting the development of necessary competencies in recipient countries. We can effectively coordinate our actions," he said.
According to him, increasing attention is now being paid to South-South cooperation and strengthening collaboration between various multilateral development banks and international organizations.
"Furthermore, modern technology will play an increasingly important role. More and more technical assistance programs will be implemented using digital solutions, which will create additional opportunities for the development of Islamic finance in the region," he added.
Meanwhile, Islamic finance refers to financial services that comply with Sharia (Islamic law). Rooted in ethical and moral principles, it aims to ensure fairness, transparency, and the equitable distribution of wealth. Instead of relying on interest, it promotes risk-sharing and asset-backed transactions.
