Islamic finance assets in Central Asia are forecast to grow from $285 million in 2022 to $6.3 billion by 2033, with Kazakhstan and Uzbekistan leading the regional expansion due to high demand, population growth, and policy reforms.
Islamic finance in Central Asia is on the verge of major expansion, with projections showing a twentyfold increase in assets over the next decade. According to the Islamic Development Bank and the Eurasian Development Bank, the volume of Islamic financial assets in the region could grow from $285 million in 2022 to $2.5 billion by 2028 and reach $6.3 billion by 2033.
The forecast assumes that governments in the region will implement supportive legal and tax frameworks and promote public awareness of Islamic financial services.
Kazakhstan is expected to lead growth, leveraging strong infrastructure and recent policy efforts. Islamic banking assets in Kazakhstan are projected to reach $1.2 billion by 2028 and $3.3 billion by 2033. Sukuk (Islamic bonds) could total $1.3 billion by 2028 and $3.3 billion by 2033. The country has already approved a strategic development plan for Islamic finance and estimates potential retail demand for Islamic deposits at around $6.3 billion.
Uzbekistan, the region’s most populous country, is forecast to reach $1.1 billion in Islamic banking assets by 2028 and $2.4 billion by 2033. Sukuk volumes are expected to grow from $601 million in 2028 to $1.9 billion in 2033. The government is preparing to launch the Tashkent International Financial Center and integrate Islamic finance into its reform agenda, with plans to implement Islamic banking principles in at least three commercial banks by 2030.
Kyrgyzstan is targeting a 5% share for Islamic banking in its total financial sector. Although the current market share is just 1.5%, assets are forecast to grow to $58 million by 2028 and $67 million by 2033. Its sukuk market is expected to rise from $67 million to $170 million over the same period.
Tajikistan also shows strong potential, with forecasts indicating that Islamic banking assets will increase to $132 million by 2028 and $562 million by 2033. Sukuk assets are projected to rise from $57 million in 2028 to $155 million in 2033. Companies like Alif Bank and Tavhidbank are leading growth in the country.
Turkmenistan remains at an early stage. Although 93% of its population is Muslim, there are currently no Islamic financial institutions operating in the country.
A senior U.S. envoy is travelling to Switzerland for fresh nuclear talks with Iran, according to reports, signalling a renewed diplomatic push as Wash...
Türkiye's World Cup campaign came to a painful end on Friday as they suffered a 1-0 defeat to Paraguay despite dominating large parts of their Group ...
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 20 June, covering the latest developments you need to know. ...
Russia is seeking to expand cooperation with Central Asian countries in the exploration, extraction and processing of rare earth metals, underlining t...
The number of confirmed Ebola cases in the Democratic Republic of the Congo has climbed to 933, including 245 deaths, Health Minister Samuel Roger Kam...
Türkiye's World Cup campaign came to a painful end on Friday as they suffered a 1-0 defeat to Paraguay despite dominating large parts of their Group D clash.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 20 June, covering the latest developments you need to know.
Morocco captain and PSG defender Achraf Hakimi will face trial in France after an appeals court ruled there was enough evidence for the case to proceed.
Canada lit up their World Cup campaign with a thrilling, at times troubling night in Vancouver, while across the tournament, Mexico marched on, Scotland battled bravely in defeat, and the United States and Brazil underlined their growing intent.
One person was killed and dozens injured after two passenger trains collided near Bedford in central England on Friday, prompting a major emergency response, British Transport Police said.
Israel and Hezbollah have agreed to a ceasefire, a senior U.S. official has said. Hezbollah has released a statement saying Israel must leave southern Lebanon. Israel has said it agrees to the ceasefire, but has said its armed forces won't leave Lebanon and will resume hostilities if attacked.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statement on social media. Khamenei added that he himself "held a different view," to Trump, but allowed the agreement after receiving assurances from Iran's President.
Russia's defence ministry says its forces have captured the village of Yurkivka in Ukraine's eastern Donetsk region, according to the Interfax news agency. The claim could not be independently verified.
Jorge Messi, the father of football star Lionel Messi, is under medical supervision and is "progressing favourably" while recovering from an undisclosed health condition, according to a family statement.
Russia is seeking to expand cooperation with Central Asian countries in the exploration, extraction and processing of rare earth metals, underlining the region's growing importance in the global race for critical raw materials.
Pakistan has emerged as a key intermediary in U.S.-Iran diplomacy after months of shuttle talks, draft revisions and regional coordination involving Gulf states and China. An interim understanding has been reached, but officials warn the most difficult phase of negotiations still lies ahead.
The United States is working with Qatar on a plan that could give Iran access to billions of dollars in frozen funds for humanitarian purchases, The Wall Street Journal reported, citing people familiar with the matter.
Israel and Hezbollah have agreed to a ceasefire, a senior U.S. official has said. Hezbollah has released a statement saying Israel must leave southern Lebanon. Israel has said it agrees to the ceasefire, but has said its armed forces won't leave Lebanon and will resume hostilities if attacked.
Georgian Prime Minister Irakli Kobakhidze arrived in Dushanbe on 19 June 2026 for the first official visit by a Georgian head of government to Tajikistan, concluding a trip that produced a joint communiqué, multiple bilateral agreements and a new commission to deepen economic cooperation.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment