ASTANA, Kazakhstan, February 22. The Kazakhstan's Baiterek (national management holding) has discussed with Qatari bank Masraf Al Rayan the exchange of experience in the field of Islamic financing, Trend reports.
According to the holding, during the meeting with the delegation of the Qatari bank, the parties discussed the possibilities of cooperation, in particular the exchange of experience in the field of Islamic financing, investment projects, and the use of Islamic financing instruments in the activities of the holding’s subsidiaries.
To note, on February 14, during the visit of the President of Kazakhstan to Qatar, a Memorandum of Understanding was signed between Masraf Al Rayan and Development Bank of Kazakhstan JSC.
Meanwhile, central to Islamic finance is the fact that money itself has no intrinsic value. As a matter of faith, a Muslim cannot lend money to, or receive money from someone and expect to benefit – interest (known as riba) is not allowed. To make money from money is forbidden – wealth can only be generated through legitimate trade and investment in assets. In order to be Sharia compliant, money must be used in a productive way.
Furthermore, Masraf Al Rayan is an Islamic bank headquartered in Qatar, providing a wide range of banking, finance, investment and brokerage services. The bank has a network of 17 branches in Qatar and 5 international branches in the UK, France and the UAE.
Moreover, trade turnover between Kazakhstan and Qatar more than doubled and amounted to 9.6 million from January through November 2023 (from January through November 2022, $3.96 million).
Kazakhstan's exports to Qatar for the above period amounted to $5.36 million, and imports were $4.3 million.