CashNews.co
ASTANA — Astana International Financial Centre (AIFC) presented the Islamic Finance Country Report, prepared under the technical assistance of the Islamic Development Bank by CSQ law, during Astana Finance Days 2024.
Daniyar Kelbetov, CFA, FRM Chief Product Officer, AIFC Authority; Syed Faiq Najeeb, Senior Islamic Finance Specialist, Islamic Development Bank Institute; Diyas Moldabayev, general director, CSQLaw Kazakhstan branch; Madina Tukulova Head of the Islamic Finance, AIFC Authority. Photo credit: AIFC
Kazakhstan’s strengths include a favorable legal environment supported by AIFC initiatives, a growing economy, infrastructure development plans, and a significant Muslim population, reported AIFC press service on Sept. 13.
According to the report, challenges remain in enhancing awareness of Islamic finance and clarifying some aspects of Islamic financial practice, such as tax procedures and dispute resolution.
Market opportunities are vast, with significant unmet demand evident among retail and corporate sectors, indicating substantial untapped potential for Islamic financial services in Kazakhstan.
“This Islamic Finance Country Report for Kazakhstan provides a detailed examination of the landscape, challenges, opportunities, and future prospects of the Islamic financial services industry in the country,” according to AIFC.
For the first time, the report incorporates a database developed from extensive market research, assessing potential market demand for Islamic financial products among around 13,000 respondents.
“This report not only provides a comprehensive overview of the Islamic finance industry but also highlights our shared vision for the future. The AIFC’s commitment to promoting Islamic finance is evident through favorable conditions offered to Islamic financial companies to operate in both the retail and corporate sectors. The report is an invaluable guide for investors, policymakers, and stakeholders,” said AIFC Governor Renat Bekturov.
According to Sami Al-Suwailem, Acting Director General of IsDBI, the Kazakhstan Islamic Finance Country Report offers a valuable analysis of the sector’s current and future prospects.
“We are delighted to have collaborated with the AIFC on this important initiative. We believe that the report, together with the Islamic Finance Strategic Mapping Framework policy recommendations submitted to the AIFC, will be instrumental in guiding policymakers, investors, and financial institutions as they work to harness the full potential of Islamic finance in Kazakhstan,” he said.