Kazakhstan’s "Astana" financial center to become regional hub of Islamic financing

Business Materials 4 July 2018 18:36 (UTC +04:00)

Baku, Azerbaijan, July 4

By Leman Zeynalova - Trend:

The "Astana" International Financial Center (AIFC) operating in Kazakhstan will become a regional hub of Islamic financing, Kazakh media quoted Prime Minister Bakytzhan Sagintayev as saying, when speaking at the session of Astana Finance Days.

The Prime Minister noted that, the necessary legal and regulatory environment has been created on the basis of the AIFC together with the Asian Development Bank (ADB) and the Islamic Development Bank.

"The emission of state Islamic securities – sukuk will be implemented by the end of this year. We see AIFC as a regional hub of Islamic financing in the future," Sagintayev said.

He further noted that the AIFC has become a member of the international R3 consortium, which includes more than 60 major financial institutions, as well as the Global FinTech Hubs Federation.

"We consider the AIFC as a FinTech launching ground for the creation and development of solutions in the field of financial technologies. This work has already started in partnership with MasterCard and Visa, and Microsoft and Tai Cloud Corp companies", said the prime minister.

Astana International Financial Centre is the financial hub for Central Asia, South Caucasus, the Eurasian Economic Union, the Middle East, Western China, Mongolia and Europe.

AIFC will be situated on the territory of EXPO-2017 and will use modern infrastructure and advanced technologies.

The main activities of AIFC are the development of the capital market, asset management, asset management of wealthy individuals, Islamic finance, and new financial technologies.


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