The Eurasian Development Bank (EDB) has announced that Kazakhstan leads Central Asia in terms of Islamic finance volumes, Sputnik Kazakhstan reports.
As of early 2025, the assets of Islamic banks in Kazakhstan reached $621 million, accounting for 89% of the region’s total.
However, experts note that Islamic banking still makes up less than 1% of the total assets of Kazakhstan’s financial system. The EDB forecasts significant growth in this segment: volumes may reach $1.2 billion by 2028 and $3.3 billion by 2033.
Representatives of the banking sector link the development prospects to growing demand for alternative financial products that comply with Sharia law. Several specialized Islamic banks and financial institutions are already operating in Kazakhstan, offering interest-free services.
CentralasianLIGHT.org
June 4, 2025