Third Islamic Finance Advisory Board meeting focuses on sukuk market development

On 9 September, the Islamic Finance Advisory Board (IFAB) of the Astana International Financial Centre held its third meeting as part of Astana Finance Days 2026.  

The Board members discussed practical priorities for the next stage of Islamic finance development, including expanding the Islamic capital market on the Astana International Exchange and an initial concept for an Islamic Finance Centre of Excellence.  

Dr Sami Ibrahim Al-Suwailem, Chairperson of the IFAB and Acting Director General of the Islamic Development Bank Institute (IsDBI), stated: “Kazakhstan has established a strong foundation for Islamic finance. The next priority is to transform this foundation into market activity and stronger institutional capacity. Developing a credible sukuk pipeline while strengthening professional expertise, applied research, and international cooperation will be important for sustainable market growth. The Board’s recommendations will help the AIFC and AIX assess and advance the practical next steps.” 

The capital market discussion covered strengthening the sukuk pipeline, attracting domestic and international issuers, exploring cross-listing opportunities, broadening investor access and further improving the Shari’ah governance system.  

The proposed Centre of Excellence was considered as a potential platform for market development, professional capacity building, applied research, international cooperation and greater awareness of Islamic finance opportunities. The concept remains exploratory and subject to further assessment and relevant internal consideration.  

Assel Mukazhanova, AIX CEO, noted: “We see significant potential for the further development of Kazakhstan’s Islamic capital market, and AIX is committed to giving this segment new impetus. We have developed a dedicated roadmap to support the growth of this segment and presented it to the Islamic Finance Advisory Board (IFAB) during its meeting in Astana. The discussions of the IFAB have helped identify practical priorities for the next stage of market development. Our focus will be on strengthening the sukuk pipeline, attracting issuers and investors, exploring cross-listing opportunities, and further developing the market infrastructure. This initiative by AIX aims to build a stronger and more competitive Islamic capital market in Kazakhstan.” 

The Board’s recommendations will be further considered by the AIFC and AIX at the technical and institutional levels.  

Reference: 

The Islamic Finance Advisory Board was established on December 10, 2025. At its first meeting in Abu Dhabi within AIFC Connect event, the key areas of activity were defined: 

• development of Islamic finance governance and standards, 

• digital Islamic finance and innovation, 

• ESG and sustainable finance, 

• human capital development, 

• regional cooperation and cross-border integration, 

• market infrastructure and liquidity management. 

The Board comprises leading international experts: 

• Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, a leading international expert in Islamic economics and the global Islamic finance industry – IFAB Chairperson. 

• Maya Marissa Malek, CEO of Sabiq Advisory (Malaysia–UAE), an expert in Shari’ah corporate governance, ESG initiatives, and capital markets – IFAB Deputy Chairperson. 

• Dr. Adnan Ahmed Yousif, President and Chief Executive of Lemrair Consultancy Company W.L.L, a key leader in Islamic banking in Bahrain and the Middle East. 

• Professor Dato Dr. Aznan Hasan, Professor of Shari’ah at the International Islamic University of Malaysia, a leading international expert in Shari’ah supervision. 

• Lim Say Cheong, Independent Director and expert in Islamic banking, capital markets, and digital assets (UAE). 

• Fatma Çınar, Deputy Secretary General of the Participation Banks Association of Türkiye and an expert in Islamic banking. 

• Madina Tukulova, Head of Islamic Finance at the AIFC Authority and CEO of the Association for Islamic Finance and Business, responsible for strategic industry development and international cooperation. 

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. www.aifc.kz      

AIFC Press Office,  

Ainur Issabayeva, press secretary 

E-mail: [email protected]