ASTANA, Kazakhstan, November 20. The Eurasian
Development Bank (EDB) has implemented its first project in Islamic
financing, Trend
reports via the bank.
Ruslan Dalenov, Deputy Chairman of the EDB, and Almas
Abaideldinov, CEO of Istkomtrans, Kazakhstan’s private railway
rolling stock operator, signed a Murabaha agreement. Murabaha is an
Islamic financing tool involving a sales contract in which the
price of goods includes an agreed-upon profit margin, with the
customer paying in installments.
The financing will be used for the capital, depot, and current
repairs of rolling stock at Istkomtrans, which will enhance the
efficiency of freight transport, strengthen transportation
connectivity, and improve logistics infrastructure in the
region.
The EDB noted that this first Islamic finance project lays the
foundation for expanding such practices within the bank’s
operations and opens new opportunities for supporting key
industries and infrastructure initiatives in the region.
The Eurasian Development Bank is a multilateral development bank
focused on investment activities across the Eurasian space. As of
July 2025, the EDB’s portfolio includes 319 projects with a total
investment volume of $19.1 billion.
Istkomtrans is a private rolling stock operator in Central Asia
and ranks among the top 50 largest private companies in Kazakhstan.
It has offices in 11 cities across Kazakhstan and Russia and
operates a fleet of more than 11,000 wagons.
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