Astana Finance Days 2020 discusses Islamic Finance development and digital transformation in Kazakhstan
How did the coronavirus pandemic affect the economy of Kazakhstan? What measures the state needs to take to support the small and medium-sized businesses? What is the Islamic Finance and how it develops in Kazakhstan, Central Asia and in the world?
Today the top world experts discussed these and many other issues during the Astana Finance Days. The traditional world financial conference is held online this year for the first time. It was attended by recognized specialists of the industry with extensive experience in introducing the Islamic finance tools. They said that the SME needs centralized support as the most vulnerable sector. New conditions state the necessity to switch to e-format. Experts advised that the state should help here. Malaysian economists offer Kazakhstan to consider the successful experience of their country.
“You need to have Internet access. Infrastructure is very important. We do have regulation now. There are certain things where you want to incentivize the micro as well as SMEs to move into the digital market. In context of Malaysia, one of them is the creation of dedicated funds by the central bank or by the government. The transition to digital format is a rather expensive process. It is the allocation of funds for conducting trainings, educating citizens so that they can more easily switch to digital format. Therefore, earmarked funds should be allocated to reduce these costs,” said Dr. Mohd Azmi Omar, President and CEO at the International Centre for Education in Islamic Finance (INCEIF).
The work of the Astana Finance Days will last until July 3 this year. During the five days, world experts from more than 80 countries will share experience in digital transformation and discuss issues of developing markets in the conditions of the new reality.