IslamicFinance.de

Astana International Financial Center (AIFC) aims to be the driver of the Islamic finance development in Kazakhstan. For this, the AIFC is strengthening its capacity building by establishing the Bureau for Continuing Professional Development. AIFC managing director Yernur Rysmagambetov said two programs habe been launched. One of them is aimed at the training of specialists for the banking sector. The second program is focused on literacy of the end users on Islamic finance. The corporate sector is the main customer of the Islamic banks in Kazakhstan. Attraction of the retail customers in the Islamic finance is another trend of the past years.

The Islamic Development Bank (IDB) is investing more than US$2 billion into innovative projects in Kazakhstan. The three major initiatives are the establishment of an organization on food security of Muslim countries, a project of integration of Islamic infrastructure and the establishment of the Astana International Financial Center. IDB CEO Bandar Bin Mohammed Hajjar said the investment would strengthen the bilateral relationship between the IDB and government of Kazakhstan. The IDB has recently established the Foundation for Development of Science, Technology and Innovation. In addition, the bank undertakes the creation of the cooperation ecosystem, which should unite efforts of governments, businessmen and scholars of Islamic countries, and allow to realize the most advanced ideas into ready-made, commercial products.