The Islamic finance market in Central Asia will reach $2.5 bln by 2028 and $6.3 bln by 2033. This is the assessment of the market given by leading financial institutions - Eurasian Development Bank, Institute of Islamic Development Bank and London Stock Exchange Group.

Significant growth in the Islamic finance industry is expected mainly from Islamic banks and sukuk-type assets. Moreover, at the Abu Dhabi Finance Week held in early December, the panelists agreed that Islamic banking assets will increase significantly over the next 5-10 years. A detailed forecast in a joint report will be presented by EDB, IIDB and GLFB.

Among other things, the EDB intends to play a role in the development of Islamic finance in Central Asia. According to Nikolay Podguzov, Chairman of the Bank's Management Board, the EDB plans to expand Islamic finance through the creation of an “Islamic window” to support relevant initiatives.

“According to EDB forecasts, economic growth in Central Asia will exceed 5.5% by 2025. EDB promotes strong ties between Central Asia and the Gulf countries to expand investment and trade relations,” Podguzov said.