Islamic Finance Centre opens in #Kazakhstan
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.
https://www.gulf-times.com/story/632144/Islamic-Finance-Centre-opens-in-...
Al-Farabi Kazakh National University
Astana International Financial Centre (AIFC)
Hamad Bin Khalifa University (HBKU)
Dr Ahmad M Hasnah
Dr Galym Mutanov
Yernur Rysmagambetov
#Kazakhstan: Will Astana's financial gamble pay off?
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.
https://eurasianet.org/s/kazakhstan-will-astanas-financial-gamble-pay-off
Astana International Financial Center (AIFC)
Kairat Kelimbetov
#China's support is critically instrumental in developing Islamic finance
While China and Arab countries discuss ways to develop their bilateral ties, #Kazakhstan aims to become a new global financial hub. At the newly established Astana International Financial Center (AIFC) an economic event was carried out between July 3rd and 5th to talk about the main issues of global finance. Experts have emphasized China has a priority role in the global economy and that China's support can be very instrumental in the development of Islamic Finance. Kazakhstan has also positioned itself to take advantage of China's Belt and Road initiative as it strived to draw investors from Central Asian countries as well as from the Arab world. Lawyers have also stressed that because the newly formed Astana International Exchange will be operating under the principles of English common law, it will create even more opportunities for collaboration between Central Asian countries and the Arab world.
https://news.cgtn.com/news/3d3d674e33417a4e78457a6333566d54/share_p.html
AIFC: Development of Islamic Finance
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.
http://kazakh-tv.kz/en/view/business/page_195174_aifc-development-of-isl...
#Kazakhstan's financial hub adds Islamic arbitration capabilities
Kazakhstan's financial hub, the International Arbitration Centre (IAC) is adding specialists in Islamic law to its dispute resolution services. The IAC provides mediation and arbitration services as an alternative to traditional court litigation. The IAC is an independent body launched to complement the Astana International Financial Center (AIFC), an economic zone aimed at developing the republic's financial sector. IAC Chairman Barbara Dohmann said that Islamic finance is now part of everyday business dealings across the region, so the ability to handle civil and commercial disputes in Islamic finance has become very important.
http://www.complinet.com/global/news/news/article.html?ref=199410
International Arbitration Centre (IAC)
Barbara Dohmann
Complinet
#Kazakhstan eyes sovereign #Sukuk, central Sharia board
Kazakhstan plans to issue sukuk in the coming months as part of its efforts to develop Islamic finance in the country. Alibek Nurbekov, head of the Islamic finance at the Astana International Financial Center (AIFC), said the final legislative changes to allow issuance of sovereign sukuk were nearly complete. Issuance of sovereign sukuk is planned in the first half of 2018 in total up to $300 million dollars. The sale would follow sukuk issued by the Development Bank of Kazakhstan in 2012, a deal that raised 240 million ringgit ($61.51 million) via the Malaysian market. Nurbekov added that a central sharia board would be established in the first half of the year, while rules covering Islamic insurers and a fund for Islamic endowments are also planned.
https://pakobserver.net/kazakhstan-eyes-sovereign-sukuk-central-sharia-b...
Alibek Nurbekov
Pakistan Observer
#Kazakhstan getting closer to implementing Islamic finance
Kazakhstan will host a meeting on the implementation of Islamic finance on March 5. The Islamic Corporation for the Development of the Private Sector (ICD) is organizing the event to discuss the development of Islamic finance with the further release of sukuk in Kazakhstan. The list of participants includes the regional manager of the ICD Samir Tagiyev, the representative of the Entrepreneurship Development Fund "Damu" Rustem Ismailov, the chairman of the Islamic Finance Development Association (ARIF) Timur Rustemov, along issuers and investors of the Kazakhstan Stock Exchange. The parties will also consider the ARIF projects on Islamic financing in Kazakhstan, as well as the possibility of the Kazakhstan Stock Exchange functioning as a platform for the development of Islamic finance.
https://en.trend.az/business/economy/2867284.html
Islamic Corporation for the Development of the Private Sector (ICD)
Islamic Finance Development Association (ARIF)
Rustem Ismailov
Samir Tagiyev
Timur Rustemov
Trend News Agency
Bank Islam issues bank cards corresponding with Sharia law
Bank Islam recently presented its first Sharia-compliant bank cards to the #Kazakhstan retail market. Customers will not be able to pay for goods and services that are prohibited under the Sharia law. Therefore, the cards cannot be used in night clubs, casinos, bookmakers, tobacco and liqueur shops. Card holders can pay for goods and services in Kazakhstan and abroad, receiving a cashback of 0.5-1% from each purchase. It also allows carrying out purchases through the internet, transfers from card to card, online payment of taxes and fines. Debit cards of the bank are issued in two categories, Master Card Gold and Master Card Platinum. In the beginning of next year, the bank plans to launch its first credit cards. Cards are currently available for residents of Astana, Almaty and Shymkent.
https://astanatimes.com/2017/12/bank-islam-issues-bank-cards-correspondi...
The Astana Times
Islamic Development Bank Group is investing more than US$2 billion into projects in #Kazakhstan
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.
http://kazakh-tv.kz/en/view/business/page_187410_
Islamic Development Bank (IDB)
Bandar Bin Mohammed Hajjar
Al Hilal Bank opens its first client service branch in Almaty, #Kazakhstan
Al Hilal Bank opened its first client service branch in Almaty, which provides a full range of Shari'ah compliant banking services for corporate and private customers. Bank customers can now use deposit products, debit cards, and cash management services, while the investment deposits are a new and unique product for the market of Kazakhstan. Focusing on the needs of customers, the bank plans on launching a programme to finance individuals in the near future. Speaking at the branch opening, Gordon Haskins, CEO of Al Hilal Bank Kazakhstan, said that Islamic finance had a great potential for development and Al Hilal Bank aimed to bring benefits and establish benchmarking of Islamic financial instruments in the region. Al Hilal was established in 2010 as the first Islamic bank in Kazakhstan and the CIS region. It is a subsidiary bank of Al Hilal Bank PJSC, which is fully owned by the Government of the United Arab Emirates.
http://www.cpifinancial.net/news/category/commercial-banking/post/42579/...
Al Hilal Bank
Gordon Haskins
Zaman-Bank becomes #Kazakhstan's second Islamic Bank
Kazakhstan's previously commercial Zaman-Bank became an official Islamic bank on Aug. 17. The license from the National Bank of Kazakhstan allows the bank to tap into the Islamic banking sector and makes Zaman-Bank the second Islamic bank in the country. Al Hilal Bank, operating since 2010, had been the country's only Islamic bank so far. Zaman-Bank is planning to focus on retail banking and small and medium enterprises (SMEs). The bank already offers a range of deposit options, including wakala and mudaraba. Head of the Islamic Finance Development Unit, Timur Rustemov, said the bank converted to an Islamic bank, because this sector is still open in Kazakhstan, especially consumer banking. He added that the bank plans to offer Islamic auto finance, Islamic mortgage and a range of products and services for SMEs.
http://astanatimes.com/2017/08/zaman-bank-becomes-kazakhstans-second-isl...
Zaman-Bank
#Kazakhstan, #Malaysia plant seeds for green Islamic finance
Astana International Financial Center (AIFC) has gained the support of technology financier Malaysia Debt Ventures (MDV) to develop both green and Islamic finance in Kazakhstan. Under a newly agreed MoU, AIFC and MDV will work closely with each other to share best practices, expertise and knowledge in these two areas. Apart from sharing knowledge, both parties will also explore financing green projects using Islamic financing tools. While not fully operational yet, AIFC is keeping busy by setting the groundwork. Green finance received a huge boost earlier in January when the European Bank for Reconstruction and Development agreed to launch the Green Financial System for Kazakhstan project, financed by Finland. With eyes on a comprehensive green financial system, engaging MDV could culminate in a variety of Islamic financial products for sustainable eco-friendly projects including green Sukuk.
https://pakobserver.net/kazakhstan-malaysia-plant-seeds-green-islamic-fi...
Malaysia Debt Ventures (MDV)
New Islamic bank to appear in #Kazakhstan
Zaman Bank is expected to enter Kazakhstan's Islamic banking services market in near future. The news was announced by Nurlan Abdrakhmanov, director of the financial market methodology department of Kazakh National Bank. He noted that among all the products of Islamic banking, murabaha is in the greatest demand in Kazakhstan.
http://en.trend.az/business/economy/2739336.html
Zaman Bank
Nurlan Abdrakhmanov
ICD and TUV SUD to develop private sector in Central Asia
The Islamic Corporation for the Development of the Private Sector (ICD) and TUV SUD signed a memorandum of understanding (MoU) to foster their joint operations in the countries of Central Asia. ICD's CEO Khaled Al-Aboodi and the managing director of TUV SUD Central Asia, Anar Ahmadov, signed the MoU on behalf of the two corporations in Astana, Kazakhstan. The aim of the MoU is to facilitate cooperation in promoting private sector participation and inform about business opportunities in countries of Central Asia. This partnership will enable the two institutions to work closely on market studies related to the transit and logistic sector in the common member countries.
http://www.arabnews.com/node/1070921/corporate-news
Anar Ahmadov
Khaled Al-Aboodi
#MICROCAPITAL BRIEF: #IDBank #Dragon #Capital to Develop Sharia-compliant #Investment "Silk-way Growth Fund" for SMEs in #Kazakhstan
The Islamic Corporation for the Development of the Private Sector (ICD), a development finance institution of the Saudi Arabia-based Islamic Development Bank (IDB), and Dragon Capital Partners, the venture capital and private equity arm of Ukraine-based Dragon Capital Group, recently announced the intention to develop the Silk-way Growth Fund, a Sharia-compliant investment fund benefitting "high growth" small and medium-sized enterprises (SMEs) involved in manufacturing in Kazakhstan. The fund is slated to address the "financing gap created due to difficulty of accessing capital at sustainable market rates and the banking sub-sector's lack of confidence in SME entrepreneurs." According to ICD, SMEs make up 96 percent of all businesses in Kazakhstan and 25 percent of the country's GDP.
ICD will act as fund advisor to Silk-way as part of its SME Platform, an initiative aimed at building Sharia-compliant investment management capacities in ICD's 52 member countries, and it will consider investing capital in the fund as plans for the fund are finalized.
http://www.microcapital.org/microcapital-brief-islamic-development-banks...
Dragon Capital Group
Dragon Capital Partners
Microcapital.org
#Kazakhstan envisions emergence as finance hub for Central Asia
Kazakhstan is currently working on the launch of its new Astana International Financial Center (AIFC) in order to become a financial hub for the Commonwealth of Independent States (CIS), West and Central Asia. It is part of Kazakhstan President Nursultan Nazarbayev's vision entitled 100 Steps to lift Kazakhstan into the world's 30 most developed nations by 2050. The creation of the AIFC is step 70 in the programme. Its regulatory framework is modelled after the Dubai International Financial Center and will open avenues for investors within the Eurasian Economic Union between Kazakhstan, Russia, Belarus, Kyrgyzstan and Armenia. Plans are to attract more than $350bn in foreign investment and to issue a total value of $91bn in sovereign bonds, mostly sukuk. The launch of the AIFC is anticipated for 2018 after the country will have had hosted the Astana Expo 2017 in the capital from June 10 to September 10 next year.
http://www.gulf-times.com/story/520426/Kazakhstan-envisions-emergence-as...
ICD, Dragon Capital Partners (DCP) develop Shari'ah-compliant investment #fund in #Kazakhstan
Dragon Capital Partners (DCP) has mandated the Islamic Corporation for the Development of the Private Sector (ICD) as a strategic advisor for developing a joint investment fund to raise $100 million for Kazakhstani SMEs. The purpose of the fund will be to co-invest with foreign investors in Kazakhstan and unlock growth potential in key sectors of the country. The Silk-Way Growth Fund initiative aims to attract international equity funds to invest in Kazakhstani SMEs. The Fund will invest in high-growth Kazakhstani industrial and manufacturing SMEs that enjoy competitive advantages and strong export potential and capacity. The Fund will help reviving the Silk Road on Kazakhstani territory.
http://www.cpifinancial.net/news/post/38002/icd-dragon-capital-partners-...
Dragon Capital Partners (DCP)
President of #Kazakhstan commends cooperation with IsDB Group
The President of Kazakhstan, Nursultan Nazarbayev met with the President of the Islamic Development Bank (IsDB), Dr. Bandar Hajjar, on an official visit to the Kingdom of Saudi Arabia. President Nazarbayev praised the cooperation between IsDB and his country and congratulated Dr. Hajjar on his recent assumption of duties as the new IsDB Group President. President Nazarbayev plans to launch the program 100 Steps, which is designed to introduce structural and economic reforms to Kazakhstan. The program also envisages the launching of Astana International Financial Center as a center of excellence for financial services at regional and global level. President Nazarbayev called on IsDB to provide technical support in the fields of development and Islamic finance. Dr. Hajjar assured that the IsDB Group would provide the required technical assistance to support President Nazarbayev's initiatives.
http://www.zawya.com/mena/en/story/President_of_Kazakhstan_commends_coop...
Islamic Development Bank (IDB) Group
Bandar Hajjar
Leasing leader SKL invests in Islamic Finance for strategic growth
#Kazakhstan based SK Leasing (SKL) announced that it has engaged Shariyah Review Bureau (SRB) to help the company achieve Shari'a Compliance in its business activities. Managing director Duman Nurbayev said SKL is going to be the first leasing company in Kazakhstan to be fully converted into Sharia compliant activities. Also, they are planning to be the first company in the CIS region which will provide a wide range of Islamic Financial products and services. SKL finances projects in the real economy sector for renovation, modernization and expansion of fixed assets. SKL has 3 domestic offices and approximately 240 clients. Its regional network includes representations in Almaty, Astana and Atyrau.
http://www.zawya.com/mena/en/story/Leasing_leader_SKL_invests_in_Islamic...
Shariyah Review Bureau (SRB)
SK Leasing (SKL)
Duman Nurbayev
Kazakhstan studies lower capital requirements for Islamic banks
Kazakhstan's central bank is considering halving the capital requirement for Islamic banks to 5 billion tenge ($16.3 million) from 10 billion tenge, part of a series of initiatives to attract foreign capital to Central Asia's largest economy. The majority Muslim state is keen to develop Islamic finance, according to a Thomson Reuters study released on Tuesday. A proposed reduction in capital requirements for Islamic banks would apply for both local and foreign investors, deputy governor Nurlan Kussainov was quoted as saying in the study. This could encourage new entrants in a market that now has one full-fledged Islamic bank, Al Hilal Islamic Bank.
http://www.reuters.com/article/2015/12/01/islam-financing-kazakhstan-idU...