Astana Finance Days: Islamic Finance
Astana International Financial Center (AIFC) is one of the most attractive Islamic finance platforms in the Cental Asia region.
The financial institution is cooperating with the Islamic Development Bank to create a legal and regulatory framework.
The AIFC also provides master class trainings in the Kazakh capital.
Discussions are made on the required Islamic finance tools that can be used to develop the private sector in the Organization of Islamic Cooperation (OIC) member countries and exchange information on the latest innovations.
The purpose is to bring together practitioners and different stakeholders of the Islamic finance industry, who have an interest in the Central Asian region to use the platform of AIFC.
It allows customers, users, supply and demands side to be able to benefit from the impartial, independent, legal regulatory system.
Experts said that Kazakhstan’s Islamic finance experience is being explored throughout Central Asia.
“Now Uzbekistan is looking at Kazakhstan’s model, so you can see we created a precedent,’ said AIFC Chief Islamic Finance Officer, Sheikh Bilal Khan.
Islamic finance is one of the most rapidly growing sectors. The industry’s worth is estimated at more than US$2.5 trillion and the value is expected to increase up to US$3.8 trillion by 2023.