Legislative financing base created under IDB principles in Kazakhstan

Business Materials 11 March 2009 20:57 (UTC +04:00)

Kazakhstan, Astana, March 11 / Trend K. Arinova /

The law on Islamic financing that will allow introducing principles of the Islamic Development Bank in the bank system of the country was adopted in Kazakhstan on March 11, Bakit Sultanov, the Kazakh minister of economy and budget planning, said on March 11. Sultanov participated in the work of the second Astana's economic forum Economic Security of Eurasia in Global Risks System.

"We know that this system is stabile. The system allows investing funds without risk as one of the reasons of the world financial crisis is that great funds did not get to real sector, Sultanov said. So, extension and diversification of financial tools are very important for Kazakhstan to strengthen our financial system. The international financial organizations, including the Islamic Development Bank."  

With regards to the realization of joint projects with Saudi Arabia, this country is our old partner. Many transport projects have been realized and many buildings have been constructed in Astana via Saudi Arabia's aid, the minister said.

King of Saudi Arabia Abdullah bin Abdulaziz is expected to visit Astana in the nearest future. Some agreements will be signed during the visit, Sultanov said.

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