Kazakhstan is expected to emerge as the regional leader in Islamic finance, according to a recent report by the Eurasian Development Bank (EDB). The report, developed in collaboration with the Islamic Development Bank, forecasts that Kazakhstan’s Islamic banking sector will grow to $3.3 billion by 2033.
EDB’s analysts are optimistic about the potential for Islamic finance across Central Asia, even though the sector remains relatively small. As of 2023, Islamic finance in the region totaled just $699 million. However, it is projected to more than double to $2 billion by 2028 and to reach $6.3 billion by 2033. The sukuk...