Kazakhstan getting closer to implementing Islamic finance

Kazakhstan will host a meeting on the implementation of Islamic finance on March 5, the regional office of the ICD (Islamic Corporation for the Development of the Private Sector) in Almaty told Trend.

The meeting is expected to touch such issues as « Islamic finance as an alternative tool in financing projects in Kazakhstan », joint plans of Entrepreneurship Development Fund « Damu » JSC and Islamic Development Bank on the implementation of Islamic financial products in Kazakhstan, as well as the development of Islamic finance, with the further release of sukuk (Islamic equivalent of bonds) in Kazakhstan.

The list of participants of the discussions includes the regional manager of the ICD representative Samir Tagiyev, the representative of the Entrepreneurship Development Fund « Damu » JSC Rustem Ismailov, the chairman of the association for the development of Islamic finance Timur Rustemov and the chairman of the department for work with issuers and investors of Kazakhstan Stock Exchange JSC.

The parties will also consider the projects of the Islamic Finance Development Association (ARIF) on Islamic financing in Kazakhstan, as well as the possibility of functioning of the Kazakhstan Stock Exchange as a platform for the development of Islamic finance

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