The delegation of Astana International Financial Centre (AIFC), led by Nurlan Kussainov, CEO of the AIFC and an Acting Governor of the Islamic Development Bank (IDB), took part in IDB Group 42nd Annual Meeting held in Jeddah, Kingdom of Saudi Arabia.
During the annual meeting, the IDB Governors heard a report on the bank's activities and discussed the further development of the IDB Group.
In addition, within the framework of the event, the AIFC’s delegation met with Sayed Aqa, IDB Vice President, as well as with the heads of the IDB Group's subsidiaries such as the Islamic Research and Training Institute (IRTI), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC).
During the meetings, the parties discussed issues of further cooperation between Kazakhstan and IDB aimed at developing the real sector of the economy in Kazakhstan, and promoting regional economic and financial integration.
As it is known, IDB intends to invest over $300 million USD in Kazakh economy by 2020.
The AIFC’s activity as the IDB Governor’s Office in Kazakhstan will be aimed at further development of cooperation between the Islamic Development Bank and the IDB Group's subsidiaries with public and private entities in Kazakhstan, coordination their interaction in the development Islamic finance area.
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.
Islamic Development Bank (IDB) is an international Islamic financial institution, established in accordance with Articles of Agreement done at the City of Jeddah, Kingdom of Saudi Arabia on 12/8/1974, signed and ratified by all member countries.
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 Shari'ah i.e., Islamic Law. The present membership of the Bank consists of 57 countries.
Currently, IDB is one of Kazakhstan's key and strategic partners in the development of the Islamic finance and banking fields. The IDB Group will contribute to the development of transport, energy, agriculture, rural and non-resource sectors, science and technology, diversification, financial sector, interregional cooperation.