The Governor of the Astana International Financial Centre (AIFC) Kairat Kelimbetov met with representatives of the Dubai International Financial Center Courts (DIFC).
Representatives of the Dubai International Financial Center Courts the Deputy Сhief Justice Sir David Steel, HE Justice Ali Shamis Al Madhani, Registrar Mark Beer, Associate Director – DRA Projects of the Dispute Resolution Authority Mihaela Cornelia, presented the concept and model of the AIFC Courts and the International Arbitration Center.
According to the National plan "100 Concrete Steps" aimed at the implementation five institutional reforms by the President’s initiative, it is envisaged to create an Independent Court, acting on the principles of English law and the International Arbitration Center on the experience of the Dubai International Financial Centre.
The conceptual issues and organizational arrangements for the establishment of both the AIFC institutes by January 2018 were also discussed during the meeting.
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, to develop local capital markets, to ensure their integration with the international capital market, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
Independent AIFC Courts. According to Article 13 of the Constitutional Law of the Republic of Kazakhstan On the " Astana " International Financial Center," the independent court of AIFC will consider civil and commercial disputes between the AIFC participants, the AIFC bodies and (or) their foreign employees, disputes relating to any operation carried out in the AIFC and subordinate to law the AIFC, disputes, transferred to the court of the AIFC by agreement of the parties.
Along with the AIFC courts, it is planned to establish an International Arbitration Center that, according to Article 14 of the Constitutional Law of the Republic of Kazakhstan "On the Astana International Financial Center", will consider disputes if there is an arbitration agreement between the parties using best arbitration practices and the participation of experienced international arbitrators.
The DIFC Courts were established under two laws enacted by the late Ruler of Dubai His Highness Sheikh Maktoum bin Rashid Al Maktoum, the then Ruler of Dubai. Dubai Law No. 12 of 2004 (as amended by Dubai Law No. 16 of 2011 –click here to read Law 12 of 2004 as amended) established the DIFC Courts, describes the jurisdiction of the Courts and provides for the independent administration of justice in the DIFC. DIFC Law No: 10 of 2004 sets out the powers, procedures, functions and administration of the DIFC Courts.