The EDB and the Islamic Corporation for the Development of the Private Sector to develop Islamic finance in Kazakhstan

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Almaty, 25 February 2019. The Eurasian Development Bank (EDB) and the Islamic Corporation for the Development of the Private Sector (ICD) signed an agreement, which makes it possible for the parties to enter into treasury transactions that comply with Shariah law.

The main objective of cooperation is to promote Islamic finance in Kazakhstan. The EDB is ready to support ICD in implementing Islamic projects in Kazakhstan by providing liquidity management instruments and hedging market risks.

“The agreement we signed is another step towards strengthening mutually beneficial cooperation between the Islamic Corporation for the Development of the Private Sector and the Eurasian Development Bank. Earlier, the parties made an agreement on opening settlement accounts with the Eurasian Development Bank to make payments in the Kazakh tenge,” Andrey Beliyaninov, Chairman of the Management Board at the EDB commented.

Mr Ayman Sejiny, CEO of ICD, commented: “ICD is pleased to sign the Islamic swap agreement with EDB. EDB is ICD’s first multilateral development bank swap counterpart. The transaction represents the increasing impact of the Shariah compliant financial solutions in the country on the global industry landscape and we hope to sustain our valuable partnership with EDB and develop advanced solutions to support Kazakhstan’s growth in particular and the region widely.”

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The Islamic Corporation for the Development of the Private Sector

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. For more information, visit www.icd-ps.org

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