Islamic Finance Country Report Released by AIFC
The Astana International Financial Centre (AIFC) recently unveiled the Islamic Finance Country Report at the Astana Finance Days 2024 event. Prepared with the technical assistance of the Islamic Development Bank by CSQ law, the report sheds light on the state of Islamic finance in Kazakhstan.
According to the report, Kazakhstan boasts a favorable legal environment supported by AIFC initiatives, a growing economy, infrastructure development plans, and a significant Muslim population. Despite these strengths, challenges remain in terms of raising awareness about Islamic finance and clarifying certain aspects of Islamic financial practices such as tax procedures and dispute resolution.
The report also highlights vast market opportunities in Kazakhstan, with significant unmet demand in both the retail and corporate sectors. This indicates a substantial untapped potential for Islamic financial services in the country.
AIFC Governor Renat Bekturov expressed the AIFC’s commitment to promoting Islamic finance, offering favorable conditions for Islamic financial companies to operate in both the retail and corporate sectors. The report, which includes a database developed from extensive market research, provides valuable insights for investors, policymakers, and stakeholders.
Sami Al-Suwailem, Acting Director General of IsDBI, praised the collaboration between AIFC and IsDBI on the Kazakhstan Islamic Finance Country Report. He believes that the report, along with the Islamic Finance Strategic Mapping Framework policy recommendations submitted to the AIFC, will play a crucial role in guiding policymakers, investors, and financial institutions in maximizing the potential of Islamic finance in Kazakhstan.
