Islamic Finance Conference “Islamic Finance: Alternative financing for the development” was held during the Astana Finance Days
The main goal of the Islamic Finance Conference was to hold a broad discussion about Islamic finance as an alternative way of financing and investing in Central Asia and the CIS.
The sessions discussed social responsibility and sustainability issues of Islamic banks, including digitalisation instruments, different challenges of Islamic banking in the CIS and opportunities in AIFC.
Top-notch experts in Islamic capital markets discussed the values of social responsibility, inclusiveness, equitable sharing of risks and shared benefits for society, and attractive proposition to Shariah-conscious investors and issuers in the AIFC.
Representatives of the Islamic Development Bank explained examples of Islamic finance products, services and initiatives at the IsDB, the IsDB support in the development of the Islamic finance in Kazakhstan and the region, challenges and prospects of Islamic finance, as well as the IsDB’s strategy on sustainability, climate change and impact investing.
The conference gathered representatives of Kazakhstan, regional (Uzbekistan, Kyrgyz Republic) and international (South Africa, Oman, UK, Bahrain) financial institutions, the Islamic Development Bank and the Asian Development Bank Institute.
During the speech, Dr Adnan Ahmed Yousif, Chairman of the Board of Directors, Bahrain Association of Banks (BAB), noted, “This event provides a unique networking platform to engage key economy policymakers and business leaders to exchange ideas and share thoughts”.
Moreover, speakers noticed the opportunities and possibilities of the AIFC for the market players of the Islamic banking and capital market. Dr Zamir Iqbal, Vice President Finance, CFO, Islamic Development Bank, shared his opinion “AIFC supports to Islamic Finance has been a strong driver of raising awareness of this alternative financial system. This is one of the key reasons why Nur-Sultan is becoming a regional hub for Islamic finance in the Central Asia region”.
Within the discussions of the further development of Islamic finance in the country Bagytzhan Kozhrakov, Chairman of the Management Board, Al Saqr Finance, suggested: “… expand access to public funding to give a new impetus to the development of Islamic finance.” Moreover, Mr Mughees Shaukat, Islamic Banking Advisor, Nizwa Bank, Oman, suggested: “Islamic finance by nature, it’s already sustainable, green, ethical and responsible. This is how we should project it. AIFC, as a prominent financial centre in the Region, should take this lead, launch it and practice the new modern version of Islamic finance by further implementing it with technology and digitalisation”.
The event participants noted the relevance and practicality of holding such conferences, as they allow them to consider Islamic finance in more detail, consider global trends and touch upon topical issues in the field of Islamic finance.
The general sponsor of the Astana Finance Days 2022 conference is Eurasian Resources Group (ERG).
Reference Information:
The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. Following the Development Strategy until 2025, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz
