Astana International Financial Centre (AIFC) is a financial hub for Central Asia, the Caucasus, EAEU, the Middle East, West China, Mongolia and Europe. The Centre will be situated within EXPO-2017 and supported by modern infrastructure & the latest technology.
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I signed a decree on the establishment of the Astana International Financial Centre. It will be based on the principles of English law, the preferential tax regime and an independent financial court
— N. Nazarbayev, President of the Republic of Kazakhstan
I signed a decree on the establishment of the Astana International Financial Centre. It will be based on the principles of English law, the preferential tax regime and an independent financial court
N. Nazarbayev
President of the Republic of Kazakhstan
The AIFC operates within a special legal regime based on Common Law, which regulates the legal relationships between AIFC participants and third parties and is aimed at the development of the financial market.
Main activities

The major strategic directions for the development of the AIFC are:
01     Capital markets

Kazakhstan’s largest companies turn to international capital markets to meet their financing needs. With rapid economic growth and a highly attractive pipeline of IPOs/SPOs in the Central Asia, there is an increasing need for liquid and efficient regional stock market.

Developing the AIFC capital market is a major strategic direction whose successful implementation is crucial for the AIFC. The primary objective is to develop a liquid and well-balanced capital market with a broad range of financial instruments. A new high-tech exchange platform based on best international practice will be created within the AIFC in cooperation with a strategic partner from among the leading stock exchanges.

02     Asset Management

The AIFC promotes the development of Asset Management industry not just in Kazakhstan, but in the region as a whole. Astana has competitive advantages that can establish the city as a regional centre for asset management. These advantages include a significant amount of funds available for management, a favourable tax climate, as well as economicl and political stability. Global leading asset management firms are being attracted to the AIFC,to establish the required financial infrastructure for the creation of a successful financial centre.

03     Islamic finance

Islamic finance is one of the major strategic directions that provides financial solutions that are in accordance with Islamic law.

Five countries – Malaysia, Saudi Arabia, Iran, the United Arab Emirates and Kuwait – account for about 80% of the Islamic finance market.

The AIFC aims to to become a regional hub for Islamic finance, creating favourable conditions for the operation and development of Islamic financial institutions.

04     Fintech

FinTech is a segment of companies that provides new financial solutions by leveraging technology and is currently considered as the fastest-growing sector - with total investments growing from $3.9 billion (2013) to $19.1 billion (2015). The FinTech sector has a great potential to enhance the ever-evolving financial network by providing increased access to the financial system, increased competition, lower costs and improved risk management.

FinTech is quickly gaining popularity and has become one of the main strategic directions activities for the developemtn of the AIFC. The AIFC contributes to FinTech development in the Central Asia by creating the most favorable conditions for FinTech startups - including modern infrastructure, flexible regulations and investment promotion.

05     Private banking

High Net-Worth Individuals from Central Asia and EAEU own significant accumulated wealth;

and mostly place their liquid assets on deposit, or use the services of foreign banks - due to the limited number of investment solutions in the local market.

The AIFC supports the development of the Private banking sector in conjunction with the development of the asset management market and expertise. The AIFC opens investment opprtunities for HIgh Net-Worth Individuals in the region , and invites international Private Banking firms to set up their offices within the Centre.

06     Green finance

"Green" finance — is a new and dynamic trend in the world of the financial industry, catalysing transition to the "green" economy and sustainable development. "Green" financial products and services consider environmental factors, provide support for environmentally responsible investments, and stimulate the development of low carbon technologies, projects, industries, and business.

In continuation of the “Future Energy” theme of the EXPO – 2017 theme , the AIFC facilitates the development of “green” finance by providing the necessary conditions and infrastructure.

Advantages
Location


The Centre, located right in the heart of the central business district of Astana, is surrounded by Parks, shopping malls, luxury residential properties and the Nazarbayev University. Astana International Airport is just 11 kilometers away from the Centre.

The AIFC will be located on the grounds of the EXPO – 2017 - in the Esil district, and bounded by the streets of Orynbor, Hussein bin Talal, Kabanbay Batyr and Turar Ryskulov (total area – 25 hectares.).
Transport accessibility

Regular and convenient air services between Astana and leading international financial centers are being introduced, as part of phased liberalization of air transport regulations at Astana airport for foreign carriers, based on an "open skies" policy. Currently Astana is connected by direct flights with f Frankfurt-am-Main, London, Beijing, Dubai, and Seoul.
The construction of a new passenger terminal at Astana International Airport is scheduled prior to the start of EXPO-2017

The annual capacity of the airport will grow from 3 million passengers to 7 million. Air Astana, the national air carrier, is expected to launch new direct flights to the main financial centers: New York, Tokyo and Singapore in the near future.

The construction of a new passenger terminal at Astana International Airport is scheduled prior to the start of EXPO-2017
The annual capacity of the airport will grow from 3 million passengers to 7 million. Air Astana, the national air carrier, is expected to launch new direct flights to the main financial centers: New York, Tokyo and Singapore in the near future.
AIFC Management
Kairat Kelimbetov
Governor of International Finance Center Astana

Kelimbetov Kairat Was born in 1969 in Almaty.

Has graduated from Moscow State University named after M.V. Lomonosov, High Academy of Governance under the President of Kazakhstan and Georgetown University (USA).

Till 2002 worked as the member of Supreme Economic Council under the President of the Republic of Kazakhstan, at the Administration of the President of the Republic of Kazakhstan, served as Chairman of the Agency for Strategic Planning, First Vice-Minister of Finance of the Republic of Kazakhstan.

From 2002 to 2006 served as Minister of Economy and Budget Planning of the Republic of Kazakhstan.

In 2006 served as CEO of Kazyna Sustainable Development Fund (the state institutions of development).

In January 2008 appointed as Head of Administration of the President of the Republic of Kazakhstan. Since 2008 to 2011 - CEO of Sovereign Wealth Fund “Samruk-Kazyna” JSC (The Fund, which consolidated all the state companies). In April 2011 served as Minister of Economic Development and Trade of the Republic of Kazakhstan.

In January 2012 was appointed as the Deputy Prime Minister of the Republic of Kazakhstan, where governed the issues of macroeconomics, budget policy, governing of state companies and finance sector, tax and custom regulations and etc. Kelimbetov also served as the Chairman of the Council of Eurasian Economic Comission, where he represented the Republic of Kazakhstan.

On October 1, 2013 by the Decree of the President of the Republic of Kazakhstan was appointed as the Chairman of the National Bank of Kazakhstan.

On December 24, 2015 by the order of the President of the Republic of Kazakhstan was appointed as the Governor of International Finance Center Astana.

Nurlan Kussainov
CEO, Astana International Financial Center Authority

Nurlan KUSSAINOV was born in 1976 in Karagandinskaya region. He graduated from Kazakh State Academy of Management, with major in foreign economic relationships in 1997. In 2009 he accomplished his Master’s degree in management from Stanford Graduate School of Business (Sloan Master Program).

He started his work experience in 1996 as an economist with Kazakhmys (Zhezkazgancvetmet), after that he worked for the Strategic Planning Agency of Republic of Kazakhstan and served as a Head of Strategic Planning Department for the Development Bank of Kazakhstan.

Then, since 2002, he was the Counselor Minister of Economic Affairs and Budget Planning of the Republic of Kazakhstan, and took part in creating state development finance institutes. He also was the Head of WTO Accession Team in Geneva, Switzerland, as representative of the Ministry of Industry and Trade of the Republic of Kazakhstan, aiming coordination of the negotiation process of Kazakhstan’s WTO accession.

In 2004 Nurlan became CEO for the Center of Marketing and Analytical Research, government-owned corporation, which was macroeconomic and industrial thinks tank. This Center was actively involved in development of key strategic programs of the Government of Kazakhstan, consulting municipal governments and large private conglomerates.

In 2007 Nurlan Kussainov became a CEO for investment company CNRG Capital, and in 2009 he was invited to be managing partner of Al Falah Partners, managing a joint UAE and Kazakhstan private fund of 500 million USD to target CIS market.

In 2010 Mr. Kussainov was appointed as the first deputy CEO, then CEO for the Development Bank of Kazakhstan. In order to Presidential Decree in January 2014, Nurlan Kussainov was assigned as a Deputy governor for the National Bank of Kazakhstan.

In order to Financial Ministry's Decree in January 2016 Nurlan Kussainov was assigned as a Member of the board of Directors of Astana International Financial Center Authority. Later in February 2016, with the decision of the Board of Directors, Nurlan Kussainov was appointed as the CEO for AIFC Authority. Nurlan is fluent in Kazakh, Russian and English, he is married with three children.

Marat Aitenov
Deputy CEO

Mr. Marat Aitenov is the Deputy CEO and Chief Legal Officer of JSC Astana International Financial Center Authority.  He previously held a similar role at the Development Bank of Kazakhstan, and other senior executive roles at leading Kazakhstan institutions, including the Samruk-Kazyna Sovereign Wealth Fund.  He was head of the legal team at the Ministry of Economy and Budget Planning, and head of section at the Ministry of Justice of Kazakhstan.

He holds an LL.M Degree in Banking and Financial Law (Boston University), a Master’s Degree in Management and Economy (Moscow State University), and a Bachelor’s Degree in Law (Miras University).

Baur Bektemirov
Managing Director

Baur Bektemirov provides direction to the center’s overall development strategy and economic research agenda, advises the Governor on economic issues, and oversees the promotion of financial technologies in the region.

Having previously held managing positions at the Research Department of the National Bank of Kazakhstan and the government’s Economic Research Institute, Baur is interested in macroeconomic analysis, economic modeling, public policy analysis, and international development. He was involved in setting up the transition to a new monetary policy regime at the National Bank of Kazakhstan and participated in designing long-term development strategy for Kazakhstan’s sovereign wealth fund. Bektemirov’s academic interests include political economy of privatization and contract theory.

Mr. Bektemirov holds a B.A. in Mathematics from Harvard College and a Master’s of Public Policy from the University of Chicago Harris School of Public Policy.

Sayasat Nurbek
Managing Director

Sayasat NURBEK was born in 1981. Graduated from Marshalltown College (USA), political science, Gumilyov Eurasian National University, international law, University La Sapienza (Italy), M.A. in Geopolitics and “Kokshe” Academy, B.A.in Psychology. Held internships and training courses in public administration and public policy, HR management, management of technology in the USA, Singapore, Belgium, Japan, the Netherlands.

In 2000-2001 worked as assistant to Congressman Mark Smith (USA) and was employed by the Government of the State of Iowa (USA). In 2006-2009 worked in the investment projects of JSC “Sustainable Development Fund Kazyna”, Head of the HR Policy Division of the Administration of the President of Kazakhstan, Vice-Rector of the Academy of Public Administration under the President of Kazakhstan, Executive Director and Department Director of HR policy of JSC “National Welfare Fund Samruk-Kazyna”. In September 2009 appointed as Director of the National School of Public Policy under the President of the Republic of Kazakhstan.President of the JSC “Center for International Programs” between 2010-2013. In September 2013 was appointed as Director of the Institute of Public Policy – think tank affiliated with ruling Nur Otan Party. Served as Almaty city Internal Policy Department Director between 2015-2016.

In July 2016 Sayasat Nurbek was assigned as Managing Director and Member of the board Management Board of Astana International Financial Center Authority.

Speaks Kazakh, Russian, English, Turkish, Italian, Spanish, Japanese and Latin. Married with three children.

Temirlan Mukhanbetzhanov
Managing Director

Temirlan Mukhanbetzhanov leads AIFC efforts in developing asset management and private banking markets within AIFC.

Previously, Temirlan used to be the Deputy CEO of National Investment Corporation, an investment arm of Kazakhstan’s Central Bank managing its alternative investments portfolio. Prior to that, he worked at Al Falah Capital Partners, a private equity firm managing $500mn Kazakhstan focused PE fund backed by LPs from UAE and Kazakhstan. Earlier, Temirlan had advisory roles at Sovereign Wealth Fund “Samruk-Kazyna”, Ministry of Economic Development and Trade and Government of Kazakhstan.

Temirlan earned his undergraduate degree from Kazakhstan Institute of Management, Economics and Strategic Research (KIMEP) and completed his master degree in Finance and Investment at University of Edinburgh. Temirlan has passed all three levels of CFA exam.

Kairat Kelimbetov
Governor of International Finance Center Astana
Nurlan Kussainov
CEO, Astana International Financial Center Authority
Marat Aitenov
Deputy CEO
Baur Bektemirov
Managing Director
Sayasat Nurbek
Managing Director
Temirlan Mukhanbetzhanov
Managing Director

AIFC Management Council

The AIFC Management Council is the supreme authority. Its main responsibilities include the definition of the main directions of development, coordination of the activities of the bodies, and assistance in creating favorable conditions for establishing a leading international financial center.

Astana Financial Services Authority (the AFSA)

The Astana Financial Services Authority (hereinafter – the AFSA) is a legal entity which regulates financial services and operations related to financial services in the territory of the AIFC.

In accordance with procedures set by the AIFC Management Council, the AFSA:

1) develops drafts of the Council’s resolutions on the regulation of financial services and related operations in the AIFC; publishes such drafts for public discussion; and presents such drafts to the AIFC Management Council for its adoption;

2) adopts acts, in the form of regulatory provisions on the regulation of financial services and related operations in the AIFC;

3) establishes the procedures for the issue, placement, trading, redemption and repayment of securities in the territory of the AIFC;

4) executes the registration, accreditation and licensing of the AIFC’s Participants;

5) maintains a register of the AIFC’s Participants;

6) executes control and supervision of the activities of the AIFC’s Participants, and takes necessary measures with regard to the AIFC’s Participants;

7) exercises other powers determined by resolutions of the AIFC Management Council.

The AFSA, within the limits of its competence as defined by the Constitutional Law and the Applicable Law, is independent of other bodies of the AIFC, state bodies, organizations, executive officials and individuals, and is accountable solely to the AIFC Management Council and the Governor of the AIFC.

AIFC Authority

JSC "the AIFC Authority" (hereinafter – the AIFC Authority) was established on December 28, 2015. The founder and sole shareholder of the AIFC Authority is the National Bank of Kazakhstan, whose shares are transferred under trust management to the Ministry of Finance of the Republic of Kazakhstan.

The main activities of the AIFC Authority include, but are not limited to, the development of the overall development strategy, promotion of the AIFC in the global markets, attraction of potential participants to the AIFC, recruitment of foreign experts with financial centre experience to the AIFC management.

AIFC Courts

The AIFC’s Courts are independent in their activity and separable from the judicial system of the Republic of Kazakhstan. The AIFC’s Courts have no jurisdiction in respect of criminal and administrative proceedings and have an exclusive jurisdiction in relation to hearing and adjudicating on any disputes between the AIFC’s participants, the AIFC’s Bodies and/or their foreign employees; hearing and adjudicating on any disputes relating to operations carried out in the AIFC and regulated by the law of the AIFC; hearing and adjudicating on any disputes transferred to the AIFC’s Courts by agreement of the parties.

Astana International Arbitration Centre

Parties will have access to alternative dispute settlement solution such as Astana International Arbitration Centre. Parties to arbitration agreement (clause) will be able to cut considerably the litigation costs, save their time in the course of delivering, recognition and execution of the Arbitration decision in Kazakhstan and beyond.

Astana International Arbitration Centre will be established and act in accordance with the resolution of the Council “On the International Arbitration Centre”.

Downloads

AIX Rulebook

Please send your feedback and comments to info@aix.kz

AIFC development strategy

The development strategy was determined by AIFC Management Council in accordance with paragraph 3 of Article 10 of the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” no. 438-V dated 7 December 2015.

Constitutuional Law On AIFC

Constitutional Law of the Republic of Kazakhstan No. 438-V ЗРК dated 7 December 2015

On the limits of AIFC

Constitutional Law of the Republic of Kazakhstan No. 161 dated 31 December 2015

Approval of the Regulation on the

"Astana International Financial Centre" Management Council and its composition

Joint Action Plan

Constitutional Law of the Republic of Kazakhstan No. 393 dated 30 May 2015

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tel: +771 72 61 36 23
fax: +771 72 61 36 62
E-mail: info@aifc.kz
55 Mangilik El avenue, Astana city, The Republic of Kazakhstan.