The Governor of the Astana International Financial Centre (AIFC) Kairat Kelimbetov is appointed as a representative of the Republic of Kazakhstan in the Board of Governors of the Islamic Development Bank (IDB). The corresponding amendment to the Resolution of the Government of the Republic of Kazakhstan was made on March 24, 2017, and is put into effect from the date of its signing.
The purpose of the IDB is to assist the economic development and social progress of the IDB member states and Muslim communities in accordance with the principles of the Sharia. The membership includes 57 states.
Kazakhstan has been a member of the IDB since 1996. At the present time, IDB is one of Kazakhstan's key and strategic partners in the development of the Islamic finance and banking industry.
Projects in Kazakhstan totaling $1.3 billion were financed by the IDB. In addition, the IDB intends to invest in the Kazakh economy more than 300 million US dollars until 2020.
The AIFC and IDB signed a Memorandum of Understanding and Cooperation on 28th April 2016.
Within the framework of this memorandum, the AIFC closely co-operates with all the IDB Group Member Institutions, such as the Islamic Corporation for the Development of the Private Sector (ICD), the Islamic Research and Training Institute (IRTI), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) and the World WAQF Foundation (WWF).
The Islamic Development Bank is an international Islamic financial institution, established in accordance with Articles of Agreement done at the City of Jeddah, Kingdom of Saudi Arabia in 1974, signed and ratified by all member countries. The Inaugural Meeting of the Board of Governors took place in Rajab in July 1975, and the Bank was formally opened on 20 October 1975. The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994). Almaty, Kazakhstan (1997), and Dakar, Senegal (2008).
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Sharia i.e., Islamic Law. The Islamic Development Bank Group has observer status at the UN General Assembly.
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.