For Press

11/07/2017

Astana International Financial Centre and DDCAP Group signed a Memorandum of cooperation

Today Astana International Financial Centre (AIFC) and the DDCAP Group (the UK) organised a seminar at the Pavilion of the UK within the framework of the International Specialized Exhibition EXPO-2017, with the participation of the Lord Mayor of London, Dr Andrew Parmley and the Governor of AIFC Kairat Kelimbetov.

Participants of the seminar discussed the UK's experience in developing Islamic finance and issuing sovereign sukuk (Islamic bonds), as well as the state of the British banking sector and the capital market.

Particular attention was paid to the development of Islamic finance in Kazakhstan and the opportunity of localization of British companies on the AIFC’s territory.

As the Lord Mayor of London, Dr Andrew Parmley mentioned, the initiative of the President of Kazakhstan Nursultan Nazarbayev of the creation of AIFC, which has one of the tasks in the diversification of the state’s economy, is very much appreciated in the Great Britain.

"Britain is the first country which released sovereign sukuk outside the Islamic world. And we are very interested in cooperation with AIFC on the development of Islamic finance, because this is one of the main strategic directions of the financial center," - he said.

Kairat Kelimbetov commented that Islamic finance requires the introduction of a special legal and regulatory framework according to the principles of Islamic finance. In the future, AIFC with an exchanged infrastructure can play an important role in the development of the Islamic capital market in the region.

Within the framework of the seminar, AIFC and DDCAP Group signed the Memorandum of Cooperation.

It is expected that the Parties will exchange experience and knowledge on the development of the Islamic capital market, create a commodity platform on the AIFC’s site, and conduct joint research, conferences, seminars, and develop professional programmes to increase financial literacy.

Reference 

AIFC. In December 2015, the 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 a post-Soviet region, a 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 Republic of Kazakhstan economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

 

DDCAP Group (DDCAP) was founded in 1998. The headquartered is located in London, there are offices in the UAE, Saudi Arabia and Malaysia. It provides asset management services to more than 300 customers in the financial sector around the world.

DDCAP has extensive experience in the Islamic financial industry, with a team of more than 30 professionals in various financial industries.

DDCAP has its own supervisory Sharia council, which includes leading Sharia experts from Saudi Arabia, Malaysia and Kuwait.

In September 2016, DDCAP announced the launch of the multifunctional product platform called, ETHOS Asset Facilitation Platform TM that specializes in online trading with a 24-hour coverage area that allows customers around the world to acquire various assets through a secure, multifunctional web portal.

DDCAP is the official sponsor and partner of the UK pavilion at the international specialized exhibition "Astana Expo 2017".