Summit of the Council for Islamic financial services to be held in Almaty in 2015
Oct 30. Kazpravda
By Aynur Kuramysova
Kazakhstan has approved the Roadmap of Islamic financing until 2020.
Summit of the Council for Islamic financial services will be held in 2015 in Almaty, said chairman of the National Bank of Kazakhstan Kairat Kelimbetov, Kazpravda.kz reports.
“In 2015, Almaty will host a summit of the Council of the Islamic Financial Services, which will help get effective assistance in development of unified standards for financial institutions. On an ongoing basis, we arrange conferences on Islamic finance,” – Kelimbetov said at the briefing in the Central Communications service.
He recalled that the Government of Kazakhstan approved the Roadmap of Islamic financing until 2020. This year, it is planned to amend legislation to expand the work of Islamic insurance in the country.
“In our region, 70 million of Muslims are potential consumers of Islamic finance, and we believe that a new phase in development of Islamic finance will be launched in the frames of the Roadmap. We also became the members of the Council for the Islamic financial services. This year a legislative framework has been developed for the accounting standards based on accounting and auditing for Islamic financial institutions,” – Kelimbetov went on.
However, he believes that in the short term, it is necessary to actively use Islamic finance to attract foreign loans. A number of Islamic financial institutions and investment funds are actively investing in Kazakhstan.
“We have opened the first Islamic bank Al Hilal, which is the Bank of the United Arab Emirates. Currently, the financial institutions of Bahrain, Malaysia and Qatar are studying the possibility of entering our market,” – said Kelimbetov.
He recalled that the first Islamic insurance company “Takaful” is already operating in Kazakhstan. In addition, in 2014, with participation of the Islamic Corporation for Private Sector Development, the first in Kazakhstan Islamic leasing company “Ijara” opened which funded 16 projects totaling $ 4.5 million.
In general the Islamic financial community appreciates Kazakhstan, and it is proved by the Global Islamic Finance Award, handed to the President of Kazakhstan in the frames of the X World Islamic Economic Forum. This award is one of the most prestigious awards in the international community in Islamic finance area, the chairman of the National Bank said.
“Thanks to the leadership of the Head of the state Kazakhstan is one of the leaders of Islamic finance in Central Asian and CIS regions,” – concluded Kelimbetov.