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EDB and IDC intend to develop Islamic finance in Kazakhstan

28.02.2019 108 просмотров

The Eurasian Development Bank (EDB) and the Islamic Corporation for the Development of the Private Sector (ICD) have signed an agreement that will allow the parties to enter into treasury operations on terms that comply with Sharia norms.


The main goal of cooperation is the promotion of Islamic finance in the Republic of Kazakhstan. The EDB is ready to support the Islamic Corporation for the Development of the Private Sector in the process of implementing Islamic projects in the Republic of Kazakhstan by providing tools for managing liquidity and hedging market risks. 
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“The signed agreement is another step towards strengthening mutually beneficial cooperation between the Islamic Corporation for the Development of the Private Sector and Eurasian Development Bank. Earlier, the parties signed an agreement on opening settlement accounts with the Eurasian Development Bank to make payments in Kazakhstani tenge,” said Andrey Belyaninov, EDB Chairman of the Board. 

“ICD is pleased to sign an agreement on swap operations with the EDB in accordance with principles of Islamic finance. EDB is the first multilateral bank to become an ICD swap counterparty. This transaction reflects the growing importance of Sharia-compliant finance solutions to the global industrial landscape and we look forward to maintaining our valuable partnership with EDB and developing cutting-edge solutions to support the growth of Kazakhstan and the region as a whole,” commented Ayman Sejini, ICD CEO. 

The Islamic Corporation for the Development of the Private Sector was founded in 1999 and is part of the Islamic Development Bank (IDB) group. Its headquarters is based in the city of Jeddah, Saudi Arabia. The main objective of the Corporation is to finance the private sector of the member countries of the organization. 

ICD provides support in economic development and promotes the development of the private sector in the member states through the provision of financial instruments and investments that comply with the principles of Shariah. Also the corporation advises public authorities and private organizations on the creation, expansion and modernization of private enterprises.

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