For Press

31/08/2016

The Astana International Financial Centre and the Qatar Financial Centre Authority signed a Memorandum of Understanding and Cooperation

Today, the delegation of Qatar headed by the Chairman of the Qatar Central Bank, Sheikh Abdullah bin Saud Al-Thani, visited the Astana International Financial Centre (AIFC) and met with Kairat Kelimbetov, Governor of the AIFC. The Governor briefed about the main directions of the financial centre and the future prospects of mutual cooperation.

              During the meeting, Kairat Kelimbetov, the Governor of AIFC, and Michael Ryan, Chief Executive Officer of the Qatar Financial Centre Regulatory Authority (QFCRA) signed a Memorandum of Understanding and Cooperation.

             The memorandum envisages the exchange of information on regulation of financial markets for Islamic finance. Islamic finance is one of the main strategic directions of AIFC development. Qatar is known as one of the centres of Islamic finance, and is of great interest due to the development of Islamic banking in Kazakhstan.

             According to K. Kelimbetov, AIFC aims to become an Eurasian centre for Islamic finance, and therefore the introduction of special legal and regulatory regime in accordance the principles of Islamic finance is very important .

             H.E. Sheikh Abdullah Bin Saud Al-Thani, Governor of the Qatar Central Bank (QCB) said that Qatar's financial market participants welcome the creation of another hub for Islamic finance in Eurasia, and are interested in cooperation with the AIFC.     

              Strategic directions of the AIFC for Capital Market development and Asset Management can also be attractive to investors from the Middle East.                

 

Reference:

 

AIFC. In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in a 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 Republic of Kazakhstan economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

 

The Qatar Financial Centre Authority (QFCA) is a fully onshore global business and financial centre located in Doha, providing legal and business platform for firms to capitalize on regional opportunities. It was established in 2005. The QFC Authority manages and maintains the QFC legal and tax environment, and licenses firms to conduct business in or from the QFC. The Authority also develops relationships with the global financial community and other key institutions, both within and outside Qatar, helping to develop the country’s private sector.