Leader of Azerbaijani diaspora in Yekaterinburg declared wanted
The Russian state news agency has reported that Shahin Shykhlinski, head of the Azerbaijani diaspora in Yekaterinburg, has been declared wanted in con...
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.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
The Russian state news agency has reported that Shahin Shykhlinski, head of the Azerbaijani diaspora in Yekaterinburg, has been declared wanted in connection with a criminal offense.
A two-day official visit by Kazakh President Kassym-Jomart Tokayev to Türkiye concluded with the signing of 20 agreements aimed at expanding the strategic partnership between the two countries in key areas, including mining and rare earth minerals, space and technology, energy, and logistics.
The 5th meeting of the Kazakhstan–Türkiye High-Level Strategic Cooperation Council, chaired by the two countries’ leaders was held on Tuesday in Ankara. The meeting was focused on strengthening cooperation in the areas of economy, transport, and investment.
President of Kazakhstan Kassym-Jomart Tokayev arrived in Türkiye on Tuesday for an official visit at the invitation of Turkish President Recep Tayyip Erdoğan.
The Asian Development Bank (ADB) has launched its new Country Partnership Strategy (CPS) for Azerbaijan for 2025–2029, centred on two key pillars: enabling a green and diversified economy, and fostering low-carbon connectivity and inclusive development.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment