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Thursday, November 21st, 2019

Kazakhstan may become regional hub for development of Islamic finance

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“Islamic finance is a real economy. Kazakhstan has a more developed economy than in the Central Asian countries, so Kazakhstan is a good platform for the development of Islamic financing. Astana is a phenomenon. It uses the best practices from around the world, and it all contributes to the development. Kazakhstan has great opportunities for economic development”, M. Khalid said.

He also noted that the difference between Islamic financing and the traditional one is that there is no debt.

“The main difference between Islamic financing and traditional financing is that there is no debt in it. And as experience showed in 2008, a huge debt leads to a financial collapse. In Islamic financing, there are only real assets. We believe that such institutions have great prospects for development. And we would like to help Kazakhstan to become a regional hub. For this purpose, our institute is ready to share experience in the framework of the memorandum of cooperation that we concluded in December”, Mr. Khalid said.

We remind that Astana hosts the IFN CIS 2017 Forum, organized by the “Astana” International Financial Center (AIFC) in conjunction with REDmoney Group. Within the framework of the forum, four memoranda were signed.

Source: Kazakhstan 2050

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