CIBAFI and AIFC Authority Sign MoU to Strengthen Islamic Finance Development in Kazakhstan and the Central Asian Region
3rd December 2025, Manama, Kingdom of Bahrain, Astana, Republic of Kazakhstan | In a strategic step toward advancing the Islamic financial services industry across Kazakhstan and the wider Central Asian region, the General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Astana International Financial Centre (AIFC) Authority have signed a Memorandum of Understanding (MoU) to enhance cooperation and support sustainable industry growth. The agreement reflects the shared commitment of both institutions to promote innovation, capacity building, and knowledge exchange in Islamic finance.
Through this collaboration, CIBAFI and AIFC Authority seek to enhance the framework for Islamic finance by utilizing CIBAFI’s international expertise alongside AIFC Authority’s prominent regional presence. This partnership is structured to address evolving market requirements, increase industry awareness, and deliver technical as well as capacity-building support to stakeholders in Kazakhstan and neighboring regions.
The MoU was signed by Mr. Hamza K. Bawazir, Secretary General of CIBAFI, and Mr. Zhanbolat Kakishev, Chief Product Officer of Astana International Financial Centre (AIFC) Authority.
Mr. Hamza K. Bawazir stated: “This MoU reinforces CIBAFI’s commitment to expanding meaningful collaboration and supporting the global development of Islamic finance. Kazakhstan continues to demonstrate strong potential for industry growth, and by joining efforts with the AIFC Authority, we aim to foster innovation, enhance capacity, and contribute to the sustainable advancement of the sector. We look forward to delivering impactful initiatives that support knowledge sharing and industry excellence.”
Mr. Zhanbolat Kakishev added: “We are pleased to partner with CIBAFI, an organization with extensive international reach and technical expertise in Islamic finance. This cooperation will play a vital role in strengthening the Islamic finance landscape in Kazakhstan and the wider region. Together, we will promote awareness, build talent capabilities, and support the development of a sustainable and competitive Islamic finance market.”
The cooperation between CIBAFI and AIFC Authority will encompass awareness-raising initiatives, specialised training programmes, consultancy services, and technical assistance aimed at enhancing market development. Both institutions will work jointly to support sustainable growth and reinforce the long-term relevance of Islamic finance as a driver of economic resilience in the region.
