IslamicFinance.de

Despite the attempts of the government of Kazakhstan to make its Islamic finance market more attractive, Islamic products are still rarely used in Kazakhstan. Nevertheless, the government is continuing its efforts to create a favorable legislative and regulatory framework for the development of Islamic finance so that Kazakhstan can become a regional hub. The recently established Astana International Financial Center (AIFC) aims to become the most attractive platform for the development of Islamic finance in the region. To ensure Sharia compliance, the AIFC established the International Expert Council for Islamic Finance (International Council) and the Central Council of the AIFC on the principles of Islamic finance (Central Council).