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.
