Mr. Yernur Rysmagambetov, Chairman of the Management Board and CEO of AIFC Authority, Mr. James Martin, Chief Investment Officer of the AIFC and H.E Sheikh Bilal Khan, Director General and CEO of IFPA met in the AIFC premises, in the context of the annual Astana Finance Days to sign a Memorandum of Understanding on cooperation in attracting Islamic Finance investment into agri-food projects in Kazakhstan.
The MoU reaffirms the trust the parties have in developing a working partnership on Islamic Finance investments and defines the framework for future cooperation between the two entities. The agreement signifies and leverages each party's comparative advantage to support high-quality and sustainable development outcomes in agri-food projects in the Republic of Kazakhstan with investments related to the use of Islamic finance, investment funds, Shariah structuring, Sukuk listing and other Islamic investment instruments from the markets of the 57 Organization of Islamic Cooperation (“OIC”) countries.
The MoU provides for cooperation on joint investor roadshows, business matching-making, bespoke events and specialised training programs for all agri-food ecosystem players including investors, project companies and businesses as well as promoting both organisations through relevant forms of joint marketing activities, including press releases, mass media articles and interviews, social media postings and joint forums. The MoU also envisages the facilitation of the involvement of other AIFCA bodies and structural units for a comprehensive ‘one-stop shop’ offering to the wider market.
H.E. Sheikh Bilal Khan, Director General and CEO of IFPA:
“We are very pleased to see this MoU in place as it paves the way for greater synergy between our two entities through an effective partnership which will add tremendous value in attracting foreign direct investment in the form of Islamic financing and investment funds through our multilateral platform and thereby increasing the contribution of the untapped phenomenal potential of the agri-food sector to the growing GDP of Kazakhstan, a key member of the OIC countries and the headquarters of IOFS, our parent G2G body”.
Mr. James Martin, Chief Investment Officer of the AIFC:
“This agreement will allow both organizations to contribute to improved coordination in implementing the national investment strategy for development of agricultural projects and ensures timely exchange of data for the benefit of Kazakhstan and the increasing number of participants at the AIFC, with a focus on inward investment from the wider pool of the OIC markets including the GCC countries, UAE, Qatar and Saudi Arabia.”
Reference information:
AIFC. «Astana» International Finance Centre (AIFC) was created by the initiative of the First President of the Republic of Kazakhstan – Elbasy Nursultan Nazarbayev. The Constitutional Law “On the AIFC” was signed on December 7, 2015. The purpose of AIFC is to create the leading international centre of financial services. Objectives of AIFC include: assistance in attracting investments into the country's economy, creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan and ensuring its integration with international capital markets. www.aifc.kz
International Islamic Food Processing Association ("IFPA”) is established under the auspices of the OIC specialized institution of Islamic Organisation for Food Security (“IOFS”) as its subsidiary at the Astana International Financial Centre ("AIFC"). Its mandate is to enable and promote intra-OIC trade and investment between agri-food private-sector businesses across the entire ecosystem and food supply chain from gene to fork in the OIC/IOFS Member States. Visit at https://ifpa-iofs.org/
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