Tayyab Sukuk Program Registered on AIX
Astana International Exchange (“AIX”, “Exchange”) is pleased to announce that Tayyab Finance Sukuk SPC Ltd., a subsidiary of AIFC participant Tayyab Finance, registered a sukuk issuance program with a total volume of up to 20 billion tenge and maturity until 2040. The proceeds from the issuance will be directed towards the development of Islamic auto financing for retail clients – the company’s key product.
The program has been approved by the independent Shariah board Sharia Consulting AFC Ltd., also an AIFC participant, confirming its compliance with Islamic principles.
Assel Mukazhanova, CEO of AIX, noted:
“The launch of Tayyab Finance’s sukuk program on AIX marks an important milestone in the growth of Islamic finance in Kazakhstan. It expands the range of investment products available to our market participants and investors and demonstrates the AIFC’s role as a regional hub for innovative financial solutions”.
Daniyar Uspanov, CEO of Tayyab Finance, added:
“For us, this is not just a financial instrument, but a new stage in the development of Islamic investments in Kazakhstan. We are opening doors for investors who want to invest in accordance with Shariah – honestly, transparently, and into the real economy”.
Tayyab is the first Islamic fintech in Kazakhstan, providing modern Shariah-compliant financial solutions for retail clients. Tayyab Finance is an Islamic financial company and AIFC participant, licensed by the Astana Financial Services Authority to provide Islamic financing.
Reference:
AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative. www.aix.kz
The Astana International Financial Centre (AIFC) is a leading financial hub in the Eastern Europe and Central Asia region, designed to connect global capital with the vast opportunities of emerging markets. Positioned at the crossroads of Europe and Asia, the AIFC combines international best practices with innovative approaches to create a world-class platform for investment, business, and financial services. Since its establishment in 2018, the AIFC has attracted over USD 15.9 bln in investments into Kazakhstan’s economy. Over 4,000 companies from 80+ countries, including the USA, the UK, China, Turkiye, the Republic of Korea, Singapore, and others, are registered within the AIFC’s jurisdiction. www.aifc.kz
