For Press

06/09/2017

Kazakhstan hosted the Global Islamic Finance Awards ceremony

Today the President of the Republic of Kazakhstan Nursultan Nazarbayev participated in the Global Islamic Finance Awards (GIFA) ceremony.

The Head of the state personally presented the "Global leader in Islamic finance" prize to the President of the Republic of Djibouti Ismail Omar Guelleh.

The GIFA's ceremony is one of the most significant and prestigious international awards in Islamic finance.

During the past 7 years, GIFA has been awarded to governments, financial institutions and individuals who have demonstrated a strong commitment and leadership in Islamic finance.

This event gathers heads of state and government of different countries, as well as representatives of international Islamic financial institutions. This year more than 200 representatives – leaders of the Islamic finance industry from more than 20 countries of the world – attended the ceremony.

The GIFA award in different years was awarded to outstanding leaders who made a significant contribution to the development of the Islamic finance industry in the world. The GIFA award ceremony was previously held in such countries as Oman, Malaysia, the United Arab Emirates, Kingdom of Bahrain, and Indonesia.

In 2014, the Global Leader in Islamic Finance Award was presented to the President of the Republic of Kazakhstan Nursultan Nazarbayev for achievements in the development and promotion of the Islamic financial market at the regional and international levels within the framework of the 10th World Islamic Economic Forum in Dubai.

This year, within the framework of the 7th Global Islamic Finance Award (GIFA) for significant contribution to the development and promotion of the Islamic financial market at the regional level, the President of the Republic of Tatarstan R. Minnikhanov, the Minister of Finance of the Republic of Kazakhstan B. Sultanov and the Chairman of the Central Bank of the Russian Federation E. Nabiullina were awarded. Winners in more than 50 nominations such as "The Best Banker", "The Best Islamic Bank", "Innovative Product in Islamic Finance" and others were announced today as well.

Delivering a speech, the President of the Republic of Kazakhstan Nursultan Nazarbayev, noted that reforms aimed at industrialization of the economy and the development of innovative programs attractive to foreign investors are being actively implemented in Kazakhstan. One of these reforms is the creation of the Astana International Financial Centre, a unique platform with unprecedented conditions, based on English common law and designed to become an attractive place for foreign investments and advanced financial instruments. As the Head of State noted, Kazakhstan was chosen as the GIFA’s host because our state is the leader among the CIS and Central Asian countries in the legislative implementation of the principles of Islamic finance.

Islamic finance is one of the strategic pillars of the AIFC’s activity. The financial center has all the necessary resources to become a platform for CIS and Central Asia countries’ Islamic financial institutions. The AIFC is actively working on creating an enabling legal and regulatory environment, as well as on developing products and tools for Islamic finance.

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AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre of financial services. For the first time in the post-Soviet region, a common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

The objectives of the AIFC are to attract investment into the economy of the Republic of Kazakhstan through the establishment of an attractive environment for investment in financial services, to develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.  

Global Islamic Finance Awards (GIFA) are the first of their kind of awards and emerged as the most respectable market-led awards in Islamic banking and finance. GIFA is based on an objective proprietary methodology developed by Edbiz Consulting, these awards recognize and celebrate success and contributions of individuals and institutions in the Islamic financial services Industry.

The previous GIFA Laureates have include: H.E. Tun Abdullah Badawi, Former Prime Minister of Malaysia (2011); H.E. Shaukat Aziz, Former Prime Minister of Pakistan (2013); H.E. Nursultan Nazarbayev, President of Kazakhstan (2014); and H.E. Joko Widodo, President of Jakarta (2016).