IslamicFinance.de

With the official opening of the Astana International Financial Center (AIFC), Kazakhstan aims to become the region’s main financial hub. The aspiration is for the center to draw $40 billion in finance by 2025 and in the process rebrand oil-rich Kazakhstan as a financial hotspot. However, at the moment it is very much a work in progress. The stock exchange is not yet trading. According to AIFC chief executive Kairat Kelimbetov, the center will operate according to English common law. A court staffed with English barristers and an arbitration center will be available for dispute resolution. But the sobering reality is that of the 49 companies registered at the AIFC, most are no-names. The mightiest player registered at the AIFC is the China Development Bank, a fact that signals a welcome vote of confidence from Beijing.