Development of Islamic Finance in Kazakhstan

On May 2, 2019, a meeting with the participation of representatives of the Malaysian company ZICO Shariah Advisory Services, the International Financial Center, the Higher School of Economics and Business and the Center for Islamic Finance was held in the framework of cooperation between AIFC and KazNU on the development of Islamic finance in Kazakhstan.

Astana International Financial Center received a grant from the Islamic Development Bank, which is aimed at designing a Roadmap for the development of Islamic finance in Kazakhstan. The Malaysian company ZICO Shariah Advisory Services, which has extensive experience in preparing strategic documents on Islamic economics and Islamic finance in the world, was selected as a consultant.

The Dean of the Higher School of Economics and Business, the Director of the Center for Islamic Finance and the teaching staff of the Faculty, as well as invited parties from the AIFC and ZICO Shariah Advisory Services, took part in the discussion. The meeting addressed issues of the current state of the financial market, including the Islamic finance market, on the basis of which consultants will be able to provide recommendations on the development of the Islamic financial industry in the Republic of Kazakhstan.

In her opening speech, the Dean of the Higher School of Economics and Business, Doctor of Economic Sciences, acting professor Sagiyeva R.K. highlighted that the training of highly qualified personnel for our economy, in particular for the financial sector, is one of the main factors of economic growth.

Ziho Shariah Advisory Services manager Yu Chi Loon noted the prospects for the development of Islamic finance in Kazakhstan, its role in the financial sector stabilization, and suggested several directions for further work based on the experience of other countries.

Madina Tukulova, Chief Manager of the Islamic Finance Department of the AIFC, gave a speech on the features of Islamic finance development within the AIFC, as well as on the role of Al-Farabi KazNU in the development and promotion of Islamic finance not only in Kazakhstan, but also in Central Asia.

Director of the Center for Islamic Finance and Financial Analytics of Al-Farabi KazNU, Kuanova Laura, explained the main tasks of the Center, which is the only one in the country that develops the direction of international cooperation in science and education.

Al-Farabi KazNU, as a leading university in Kazakhstan, and it is actively developing the direction of Islamic finance in collaboration with the AIFC and the Qatar University Hamad Bin Khalifa. This meeting was another step in the promotion of a strategically important direction for the country - the development of Islamic finance.

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