From the integration of halal standards in
construction and the development of a compliance culture to cooperation and the
launch of joint projects - several memorandums aimed at enhancing and advancing
Islamic finance in Kazakhstan were signed during the first Islamic business
forum in Astana. These included an agreement with Nigeria to attract its
companies to the local market, a memorandum between the Associations of Islamic
Finance and Business and Islamic Developers, as well as a major agreement among
participants of the Astana International Financial Centre (AIFC). The forum’s
sessions focused on the sector’s prospects, with speakers sharing their
experiences in implementing Islamic banking and discussing issues of
international cooperation.
«Overall, the development of Islamic finance
in Kazakhstan is at a very high level. Several Islamic financial institutions
are represented in the country, a legal framework has been established, and we
are now witnessing significant growth in the development of new Islamic
financial instruments. Just last year, the first Islamic securities with a
corporate sukuk issuer were launched in Kazakhstan, and the first Islamic
investment funds have already emerged, both within Kazakhstan and in the
territory of the Astana International Financial Centre,» noted Madina Tukulova,
Head of the Islamic Finance at AIFC.
The forum placed particular emphasis on the
role of women in the Islamic economy, with experts from Central Asia and CIS
countries sharing their success stories and experiences.
«In the list we have a lot of Kazakhstani
women and also from the region as well. when we started WOMANi report in 2018, it was predominantly
Malaysian women. However, over the years the contribution of women from other
parts of the world has increased as well, including from Kazakhstan, from
Tajikistan and the neighbouring countries,» said Humayon Dar, Director General
of the Cambridge Institute of Islamic Finance.
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