This thorough evaluation, conducted in partnership with the Astana International Financial Centre (AIFC), sought to pinpoint crucial prospects and obstacles within the nation's Islamic finance industry.
The Islamic Development Bank Institute (IsDBI) is proud to announce the successful conclusion of its flagship initiative, the Islamic Finance Strategic Mapping Framework (IF-MAP, previously known as IF-CAF), in the Republic of Kazakhstan. This thorough evaluation, carried out in partnership with the Astana International Financial Centre (AIFC), sought to pinpoint significant opportunities and challenges within the nation's Islamic finance landscape.
The IF-MAP pilot program commenced in June 2023 and included comprehensive discussions with essential stakeholders, such as government bodies, financial institutions, and industry specialists. The resulting report, which offers customized policy recommendations and assesses the sector's advancements while suggesting pathways for future growth, has been presented to the AIFC.
A notable outcome of this initiative is the collaborative development of the Kazakhstan Islamic Finance Country Report 2024 by IsDBI and AIFC. This report was officially launched by H.E. Mr. Renat Bekturov, the Governor of AIFC, on September 6 during the Astana Finance Days. It underscores the significant potential of Islamic finance in fostering Kazakhstan's economic development and growth.
In his welcome address, H.E. Mr. Renat Bekturov noted: “This report not only provides a comprehensive overview of the Islamic finance industry but also highlights our shared vision for the future. AIFC's commitment to promoting Islamic finance is evident through favorable conditions offered to Islamic financial companies to operate in both the retail and corporate sectors. The report is an invaluable guide for investors, policymakers, and stakeholders.”
Commenting on the successful completion of the pilot exercise, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, stated, "We are delighted to have collaborated with the AIFC on this important initiative. The Kazakhstan Islamic Finance Country Report offers a valuable analysis of the sector's current state and future prospects. We believe that the report, together with the IF-MAP policy recommendations submitted to the AIFC, will be instrumental in guiding policymakers, investors, and financial institutions as they work to harness the full potential of Islamic finance in Kazakhstan."
The IsDB Institute remains committed to supporting the growth and development of the Islamic finance industry worldwide. Through its research, training, and capacity-building programs, the Institute seeks to contribute to the creation of a more inclusive and sustainable financial system.
The Kazakhstan Islamic Finance Country Report 2024 is accessible on IsDBI website here: https://apo-opa.co/4ge7jQ1