AIFC presented the Islamic Finance Country Report

During Astana Finance Days 2024 Astana International Financial Centre (AIFC) presented the Islamic Finance Country Report prepared under the technical assistance of Islamic Development Bank by CSQ law. This comprehensive report offers the latest insights and updates on the development of Islamic finance in Kazakhstan. 

This Islamic Finance Country Report for Kazakhstan provides detailed examination of the landscape, challenges, opportunities, and future prospects of the Islamic financial services industry in the country. 

For the first time, the report incorporates a database developed from extensive market research, assessing potential market demand for Islamic financial products among around 13,000 respondents. 

AIFC Governor Renat Bekturov noted, “This report not only provides a comprehensive overview of the Islamic finance industry but also highlights our shared vision for the future.The AIFC’s commitment to promoting Islamic finance is evident through favorable conditions offered to Islamic financial companies to operate in both the retail and corporate sectors. The report is an invaluable guide for investors, policymakers, and stakeholders.” 

Dr. Sami Al-Suwailem, Acting Director General of IsDBI, stated, “We are delighted to have collaborated with the AIFC on this important initiative. The Kazakhstan Islamic Finance Country Report offers a valuable analysis of the sector’s current state and future prospects. We believe that the report, together with the Islamic Finance Strategic Mapping Framework policy recommendations submitted to the AIFC, will be instrumental in guiding policymakers, investors, and financial institutions as they work to harness the full potential of Islamic finance in Kazakhstan.” 

Key Findings of the report: 

Kazakhstan’s strengths include a favorable legal environment supported by AIFC initiatives, a growing economy, infrastructure development plans, and a significant Muslim population.  

Challenges remain in enhancing awareness of Islamic finance and clarifying some aspects of Islamic financial practice, such as tax procedures and dispute resolution.  

Market opportunities are vast, with significant unmet demand evident among both retail and corporate sectors, indicating substantial untapped potential for Islamic financial services in Kazakhstan.  

For more details and to download the report, please visit AIFC’s official website. 

Reference: 

The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. www.aifc.kz  

AIFC Media Relations 

Ainur Issabayeva, Press secretary 

Phone: +7 701 777 6558, E-mail: [email protected]