12.04.2017

I s l a m i c   f i n a n c e   i n   K a z a k h s t a n  

Is the legal framework the major hindrance for the development of Islamic Finance in Kazakhstan?

The question whether or not Islamic finance will have a future in Kazakhstan is not an easy one to answer. There is definitely strong support from the government of Kazakhstan for Islamic finance as an alternative source of funding for infrastructure, SMEs and such. Nevertheless, so far the pace of expansion of Islamic finance in Kazakhstan does not meet the high expectations of its promoters. In this article, SHAIMERDEN CHIKANAYEV tries to give an overview of the current legislative and regulatory framework for Islamic finance in Kazakhstan.

Though Kazakhstan adopted relevant legislation for domestic (such as the governed Kazakh law) Islamic banking transactions more than seven years ago and has a Muslim population of over 11 million, Islamic finance is still in the early stages of its development and Islamic products are rarely used. According to the National Bank of Kazakhstan (NBK), as of 2015, the share of Islamic banking assets account for only 0.08% of total banking sector assets in Kazakhstan. One may argue that there is more talk about Islamic finance rather than real business all these years and that there is no real market demand for Shariah compliant finance in Kazakhstan.

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地点:
阿拉木圖, 哈萨克斯坦
行业:
银行与金融
练习区域:
金融与证券
国际贸易与海关法,世贸组织法
项目融资与政府和社会资本合作
重组与破产
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