IslamicFinance.de

According to Mr. Darkhan Nurpeissov, Vice Chairman of the Agency regulating the Regional Financial Center of Almaty (RFCA), Almaty is to be transformed into a global center of Islamic finance by 2015-2020. By 2012-2015 it is planned to put in place infrastructure for the Islamic financial industry to turn Almaty into a full-fledged center of Islamic finance. Legal foundation has already been laid. Almaty is home to the first Islamic bank in Kazakhstan. A second Islamic bank is to enter the market shortly. Besides, an Islamic insurance company and a brokerage, a handful of consultancies and funds have been launched. However, according to Mr. Nurpeissov, the population is not fully aware of Islamic finance. Kazakhstan is going to take over the chairmanship of the Organization of the Islamic Conference (OIC) in June.

Kuveyt Turk Katilim Bankasi AS is planning a second sale of Shariah-compliant debt for 2012. Kuveyt Turk, the Istanbul-based bank owned by Kuwait Finance House KSC, may sell more than $100 million of five-year sukuk. Islamic bond offerings may accelerate in the next 18 months, led by countries new to the market, Mohamed Damak, a Paris-based credit analyst at Standard & Poor’s. Policies to promote assets that follow Islamic law are spreading to Europe from Asia.