During the visit to the Islamic Development Bank (IDB) headquarter in Jeddah (Kingdom of Saudi Arabia) the representatives of the Astana International Financial Centre met with President of IDB Dr. Bandar Muhammad Al-Hajjar and the executives of IDB Group companies. The meetings resulted in signing of the memorandum of understanding and cooperation between AIFC and ICD.
The signed memorandum will facilitate cooperation in development and exchange of the best practices and knowledge in the field of Islamic financial services, banking activity, the capital markets, asset management, financial technologies and development of a human capital, including formation of joint professional financial and educational programs, researches, seminars, and also advanced training and cooperation in personnel exchange.
CEO of ICD Mr. Khaled Al-Aboodi emphasized that the goal of the memorandum is to strengthen the relationship with AIFC through combination of efforts on expansion of financial products and services offered to the private sector and through assistance in development of Islamic financial industry services in the IDB member countries.
Dr. Kairat Kelimbetov, Governor of the Astana International Financial Centre noted that the goal of the international financial centre is to assist the growth and development of financial services in Kazakhstan and the whole region in line with the international standards and best practices based on an English law. He also emphasized that one of the purposes of AIFC is formation of the regional centre of Islamic finance, creation of favourable conditions for functioning and development of Islamic financial institutions.
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.
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments. ICD has an authorized capital of $4 billion. Currently, the shareholders of ICD are the IsDB, 53 Islamic countries and five public financial institutions.