The first meeting of the AIFC Central Council on the principles of Islamic finance was held
A joint meeting of the AIFC Central Council on the principles of Islamic finance with the AIFC International Expert Council on Islamic Finance was held.
The Central Council of the AIFC on the principles of Islamic finance (the Council) was established with the aim of further developing the AIFC as a hub on Islamic finance. The activities of the Council are aimed at reviewing and approving AIFC policy, as well as providing advice on compliance with the principles of Islamic finance.
To ensure the effective work of the Council, the best international experts in this field were invited: Datuk Dr. Mohd Daud Bakar (Chairman of the Shariah Advisory Council at the Central Bank of Malaysia,the Securities Commission of Malaysia), Sheikh Esam Mohamed Ishaq (member of the Supreme Council for Religious Affairs of the Government Bahrain), Dr. Muhamed Ali Ibrahim El-Gari (expert of the Academy of Islamic Jurisprudence of the Organization of Islamic Cooperation and the Academy of Islamic Jurisprudence of the World Islamic League), Dr. Imran Ashraf Usmani (member of the Council on the Principles of Islamic Finance Meezan Bank, Pakistan), and Sheikh Bilal Khan (member of the panel of arbitrators of the International AIFC Arbitration Center).
During the joint meeting, the main recommendations of the Master Plan (Roadmap) for the development of Islamic finance in Kazakhstan, prepared by a consultant in the framework of a technical assistance grant of the Islamic Development Bank, were presented.
The Council members, in turn, shared their proposals for the development of the Islamic finance market in Kazakhstan, and also provided recommendations for further improving the Master Plan (Roadmap).
Reference:
AIFC. In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law on the establishment of the Astana International Financial Center (AIFC). The goal of the AIFC is to create a leading center of financial services at the international level. For the first time in the post-Soviet space, the principles of English law are introduced; the official language of the financial centre is English.
The objectives of the AIFC are to assist in attracting investments into the country’s economy by creating an attractive environment for investing in financial services; development of the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets. AIFC also intends to develop insurance, banking and Islamic finance markets in the country. www.aifc.kz
