Islamic Finance is gaining momentum

The AIFC Bureau hosted the third annual Islamic Finance Week conference, which brought together more than 500 experts, professionals and industry representatives on one platform.

From September 30 to October 5, leading international experts in the field of Islamic Finance from more than 10 countries discussed new topics such as Islamic fintech, Islamic social Finance, valuation improvement, innovative Sukuk and capital market structures around the world.

In addition, agreements with foreign partners were signed during the conference, including an agreement with INCEIF on the definition of the AIFC Bureau as a partner for the implementation of INCEIF certification programs in Kazakhstan and the region of presence. The Bureau together with its partners plans to launch master’s and doctoral programs in the field of Islamic Finance in Kazakhstan and for the entire CIS and Central Asia region. 

Yernur Rysmagambetov, Deputy CEO, AIFC Authority:

For the third consecutive year, Islamic Finance Week opens The World Investor week under the auspices of IOSCO. In the first year of the conference, in 2017, this platform was created for dialogue and expertise. In the second year of the event, the result was the creation of a community of professionals in the field of Islamic Finance, the launch of 4 programs from leading Islamic financial institutions and the opening of examination centres for the region AAOIFI, INCEIF, BIBF, CISI. This year we have institutional breakthroughs. We are pleased to announce that the Bureau with the support of INCEIF will open a University with programs in Islamic Finance. In addition, we are moving to a qualitatively new level and together with partners and professionals, we plan to implement and demonstrate successful business cases in the Islamic Finance industry.

Professor Dato’ Dr Mohd Azmi Omar, President and CEO, INCEIF; Lead consultant, ZICO Shariah, Malaysia:

Kazakhstan is an important player in the development of Islamic Finance. Today we presented a Master plan (roadmap) for the development of Islamic Finance in Kazakhstan and the AIFC, which were prepared under the grant of the Islamic Development Bank. The master plan includes various areas of industry development until 2025, including Islamic banking, capital market, Takaful and retakaful (Islamic insurance and reinsurance), Islamic non-banking sector, Islamic social Finance, Islamic fintech and Halal industry. We believe that Kazakhstan will be able to attract funds for the development of the industry not only from Central Asia but also from Southeast Asia and the Middle East, as well as from other countries.

Partners and participants of the event were the leading institutions and universities in Islamic Finance, including Islamic Development Bank Group (IsDB OED), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the International Centre for Education in Islamic Finance (INCEIF), the Central Bank of Pakistan, Refinitiv, Bahrain Institute of Banking and Finance (BIBF) and the Association of development Islamic Finance of Kazakhstan and neighbouring republics.

Islamic Finance week is the first regular international forum in Kazakhstan, which brings together professionals to influence the development of Islamic Finance at a qualitatively new level through international professional certificates, innovative culture in the field of Islamic Finance, as well as providing conditions for the development of the industry.