IslamicFinance.de

Al Rayan Investment is working on the requirements of authorising a new bank with an expected paid-up capital of $10mn and an authorised capital of $20mn. The new bank is intended to be the first full-fledged digital bank in the Astana International Financial Centre (AIFC). Adel Mustafawi, Group CEO of Masraf Al Rayan said that Kazakhstan represents a new hub for Islamic finance in Central Asia, which offers considerable potential; while AIFC represents the optimal platform for Al Rayan. AIFC governor Dr Kairat Kelimbetov welcomes the decision of Al Rayan Investment to establish a fintech bank in AIFC. The new digital bank will focus on the development of Islamic banking products and investments facilitated by the application of cutting edge fintech products.

Qatar's Hamad Bin Khalifa University (HBKU), Al-Farabi Kazakh National University, and Astana International Financial Centre (AIFC) have opened an Islamic Finance Centre (IFC) in Kazakhstan. The opening ceremony was attended by HBKU president Dr Ahmad M Hasnah, along with the rector of Al-Farabi University, Dr Galym Mutanov, and AIFC board vice chairman Yernur Rysmagambetov. The IFC is equipped with the most advanced technological tools offering training programmes with the aim of becoming a research hub and educational cluster in Islamic finance. HBKU's College of Islamic Studies (CIS) will support this centre and the two institutions will be working on student exchange programmes, joint conferences, and mutual research projects.

Astana International Financial Centre (AIFC) officially launched the sixth edition of the Islamic Financial Services Industry (IFSI) Stability Report 2018. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta highlighted some of the key findings of the 2018 Report, particularly the rising domestic systemic significance of Islamic finance in many key jurisdictions. According to the report, the global IFSI has returned to a robust growth of 8.3%, following two years of growth stagnation. While Islamic capital markets marked a strong performance in 2017 on the back of sovereign sukuk issuances, some underlying weaknesses persisted from the previous year, including those in the corporate sukuk market. The takaful sector continues to face challenges as a result of stiff competition from larger and more established insurance companies.