According to a report published by the Eurasian Development Bank (EABR), the share of Islamic finance in the global market is rapidly increasing. By 2024, the assets of Islamic finance in the global banking sector will reach 4 trillion dollars, increasing to 2 percent.
While the number of countries where Islamic banks operate exceeds 40, the Islamic finance sector is rapidly developing in the Gulf countries, Southeast Asia, Europe and North Africa. In Europe, the UK is a prominent country in the Islamic banking sector, with assets of $7.5 billion. In Central Asian countries such as Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan, the Islamic finance sector is just beginning to emerge.
EABR Deputy Chairman of the Board of Directors Ruslan Dalenov stated that Islamic finance is estimated to reach $6.7 trillion worldwide by 2027. It was emphasized that Islamic finance creates a sustainable environment, is based on the sharing of profits and losses, and prohibits speculation.
It has been stated that Islamic finance has a small share in Central Asian countries but has growth potential. The Eurasian Development Bank aims to play an active role in the region by supporting Islamic investments.
Dr. Sami Al-Suwailem, Deputy Director General of the Islamic Development Bank Institute, stated that the economic crises experienced in the world have increased the search for alternative finance and that this situation has been effective in increasing the interest in Islamic finance.
Kazakhstan, which is a leader in Central Asia, has a 68 percent share in the Islamic finance sector. Steps are being taken to develop Islamic finance in the country, and it has been stated that Islamic banks are operating.
