AIFC strengthens its position in Islamic finance: Shari’ah Governance Rules endorsed
The Islamic Finance Advisory Board (the Board, IFAB) held its second meeting and reviewed the Shari’ah Governance Rules for conducting Islamic finance business within the AIFC.
The document strengthens the existing requirements, establishes a unified approach to Shari’ah governance within the jurisdiction, and aims to enhance transparency, governance quality, and investor confidence.
The Rules set out requirements for Shari’ah Supervisory boards and specialists, compliance and audit functions, disclosure, and oversight of Shari’ah compliance, as well as ensuring effective risk management, transparency of Islamic financial operations, and financial products.
The document has been developed in line with international standards and best practices from leading jurisdictions.
Dr. Sami Ibrahim Al-Suwailem, Chairperson of the IFAB, Acting Director General of the Islamic Development Bank Institute (ISDBI) stated: “Today’s discussions underscored the critical importance of clear and proportionate regulatory frameworks in advancing Islamic finance. Sound regulation is essential to ensure market confidence, support innovation, and enable the development of practical, Shari’ah-compliant financial solutions.”
Madina Tukulova, Member of the IFAB and Head of Islamic Finance at the AIFC Authority, noted: “With a strong and evolving regulatory framework, we are creating an environment that supports innovation, ensures Shari’ah compliance, and enables the development of high-quality financial products. The AIFC stands ready to welcome institutions seeking to be part of a dynamic and forward-looking Islamic finance ecosystem.”
Islamic finance in Kazakhstan is currently entering a phase of active growth. According to estimates by the AIFC and the IsDB Institute, the potential volume of Islamic retail financing in Kazakhstan exceeds KZT 3.9 trillion, while Islamic deposits may reach KZT 2.8 trillion.
Islamic financial companies and banks are already registered within the AIFC jurisdiction. At the same time, the necessary infrastructure is being developed, including Shari’ah advisory, legal expertise, and Shari’ah screening services. In addition, in January 2026, a new banking law came into force in Kazakhstan, enabling the launch of Islamic “windows” within conventional banks. These “windows” allow banks to offer products compliant with Shari’ah principles.
As part of the second meeting, the Board also reviewed the action plan for the development of Islamic finance in the AIFC for 2026–2029. The key priority areas include:
- strengthening corporate and Shari’ah governance,
- development of human capital,
- digital Islamic finance and innovation.
Board members discussed implementation approaches and current regulatory issues, reaffirming their commitment to further developing Islamic finance and strengthening the AIFC’s position as a regional centre.
The Rules will come into force following approval by the Astana Financial Services Authority (AFSA).
The third meeting of the Board is scheduled to take place during Astana Finance Days on September 9–10, 2026.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
The Islamic Finance Advisory Board was established on December 10, 2025. At its first meeting in Abu Dhabi within AIFC Connect event, the key areas of activity were defined:
- development of Islamic finance governance and standards,
- digital Islamic finance and innovation,
- ESG and sustainable finance,
- human capital development,
- regional cooperation and cross-border integration,
- market infrastructure and liquidity management.
The Board comprises leading international experts:
- Dr. Sami Al Suwailem, Acting Director General of the Islamic Development Bank Institute, a leading international expert in Islamic economics and the global Islamic finance industry.
- Dr. Adnan Ahmed Yousif, President and Chief Executive of Lemrair Consultancy Company W.L.L, a key leader in Islamic banking in Bahrain and the Middle East.
- Professor Dato Dr. Aznan Hasan, Professor of Shari’ah at the International Islamic University of Malaysia, a leading international expert in Shari’ah supervision.
- Lim Say Cheong, Independent Director and expert in Islamic banking, capital markets, and digital assets (UAE).
- Fatma Çınar, Deputy Secretary General of the Participation Banks Association of Türkiye and an expert in Islamic banking.
- Maya Marissa Malek, CEO of Sabiq Advisory (Malaysia–UAE), an expert in Shari’ah corporate governance, ESG initiatives, and capital markets.
- Madina Tukulova, Head of Islamic Finance at the AIFC Authority and CEO of the Association for Islamic Finance and Business, responsible for strategic industry development and international cooperation.
AIFC Press Office
Ainur Issabayeva, Press Secretary
E-mail: [email protected]
