In the direction of the development of the legal framework for regulating the activities of Islamic financial institutions, issuance and circulation of Islamic securities, the Astana International Financial Centre (AIFC) continues active cooperation with participants and regulators of the financial markets, the global leaders in the field of Islamic finance.
Therefore, for the exchange of experience in the field of Islamic finance and the establishment of cooperation with the leading financial institutions the delegation of the AIFC led by the Governor Kairat Kelimbetov visits the Malaysia during the period from 26 to 28 September 2016.
The Governor of the Astana International Financial Centre had the meetings with Datuk Muhammad bin Ibrahim, Governor of Bank Negara Malaysia (the Central Bank of Malaysia), Dato’ Nik Azman Nik Abdul Majid, Deputy Director-General (Policy), Economic Planning Unit, Prime Minister’s Department, , Dato' Mohd Izani Ghani, Executive Director, Finance and Chief Financial Officer of Khazanah Nasional Berhad, Tan Sri Dato’ Seri Ranjit Ajit Singh, Chairman of the Securities Commission Malaysia, Tan Sri Dato' Megat Zaharuddin Megat Mohd Nor, Director and Chairman of Maybank, Datuk Seri Idris Jala, CEO of PEMANDU (the Performance Management and Delivery Unit) and others.
Mr. Kelimbetov informed the heads of Malaysian financial institutions about the initiative of the President of the Republic of Kazakhstan Nursultan Nazarbayev on the establishment of the Astana International Financial Centre based on high-tech infrastructure of the EXPO-2017 with a special status. One of the strategic directions of the AIFC's activity is the Islamic Finance, in particular, the development of Islamic banking and non-banking financial services, as well as the Islamic capital market. He noted that the AIFC plans to use actively the successful experience of Malaysia, which is one of the world centers of Islamic Finance.
In general, Malaysian financial community supports the efforts of Astana on the development of Islamic Finance through the AIFC in the Central Asia, and the entire Eurasian space as well. The Malaysian side is willing to contribute to the establishment of AIFC as to the one of the key areas of development and distribution of Islamic Financial instruments and Islamic Financial services.
The meetings with the heads of Islamic Banking and Finance Institute Malaysia (IBFIM), the International Shari'ah Research Academy for Islamic Finance (ISRA), the Finance Accreditation Agency (FAA), as well as the Association of Islamic Banking Institutions Malaysia (AIBIM), International Centre for Education in Islamic Finance (INCEIF), Islamic Financial Services Board (IFSB), and Malaysian Islamic insurance company (Syarikat Takaful Malaysia Berhad) were extremely effective and beneficial.
In addition, the Embassy of the Republic of Kazakhstan in Malaysia jointly with the Malaysia International Islamic Finance Centre (MIFC) held a round table with the participation of the AIFC delegation headed by the Governor Mr. Kairat Kelimbetov and representatives of the leading institutions in the field of Islamic Finance, such as Malaysia Development Bank, Financial Court of Malaysia Financial Centre, International Islamic Liquidity Management Corporation, Nomura Asset Management Malaysia, Kuwait Finance House, Hong Leong Islamic Bank Berhad, Amanie Advisors, Rating Agency Malaysia, Guidance Financial Group, Amundi Islamic, Labuan IBFC, Silver lake, Path Solutions, and Investment Account Platform.
Following the results of the visit the Memorandums of understanding and cooperation were signed between the AIFC and the Islamic Banking and Finance Institute Malaysia (IBFIM), International Shari'ah Research Academy for Islamic Finance (ISRA), Finance Accreditation Agency (FAA), as well as the Association of Islamic Banking Institutions Malaysia (AIBIM).
AIFC. In December 2015 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 post-Soviet region 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 through the establishment of an attractive environment for investment in the financial services, 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..