28.06.2011 Nazarbayev suggests holding Islamic Banking conference in Kazakhstan
Kazakh President Nursultan Nazarbayev proposes holding an international conference on Islamic banking in Almaty.
"One of the useful and efficient products the Ummah can offer to the world is the system of Islamic Finance. I propose to hold an international conference on Islamic banking and simultaneously develop Almaty as a regional center of Islamic Finance," said Nursultan Nazarbayev at the session of the Organization of Islamic Cooperation on Tuesday in Astana.
According to President Nazarbayev, Almaty could be the city to host such conference.
08.06.2011 Fattah Finance and AmanahRaya to build strategic partnership
Malaysia's AmanahRaya Group and Kazakhstan's JSC Fattah Finance within the World Islamic Economic Forum have signed an agreement on strategic partnership.
Fattah Finance chairman Zaratkazy Nurpiisov and chairman of AmanahRaya Group Capital Haji Dusuki Ahmad sealed the document in Astana on Wednesday.
JSC Fattah Finance is the first company in Kazakhstan to provide financial services in accordance with the Shariah standards.
AmanahRaya, organized in 1921, is one of the largest financial groups in Malaysia, wholly owned by the Malaysian government.
07.06.2011 Malaysia ready to invest in sovereign sukuk of Kazakhstan - premier
Malaysia is ready to invest in sovereign sukuk if Kazakhstan issues such securities, said Malaysian Prime Minister Najib bin Tun Haji Abdul Razak.
"I have proposed that the Kazakh government should consider Malaysia as potential investor in sukuk if the government decides to issue such securities," he told a Monday press conference in Astana after his meeting with Kazakh President Nursultan Nazarbayev.
30.05.2011 Islamic Zakat Fund set up in Kazakhstan
An Islamic Charity (Zakat) Fund has been created in Kazakhstan, the Agency for the Regulation of the Regional Financial Center of Almaty (ARRFCA) of the National Bank said in a statement.
"The Muslim Spiritual Administration of Kazakhstan (MSA) has launched a new Islamic financial instrument zakat, which is a means of accumulating and distributing charity funds. The Zakat Fund will allow free donations from the population to be used in accordance with Islamic principles," the ARRFCA statement said.
26.04.2011 Kazakhstan's "Subsidiary Bank Sberbank of Russia" interested in offering Islamic financing services
Kazakhstan-based subsidiary of Russia's Sberbank would like to introduce Islamic financing services.
"So far the law does not allow the private banks to provide Islamic financing as separate service. We are going to ask the National Bank to grant us such a possibility. (...) We are discussing the issue at the legislative level, or which amendments will have to be made to the existing law so that all private banks, not only Sberbank, will become able to offer this service," Oleg Smirnov, the chair of Sberbank's management board told a Tuesday press conference in Almaty.
14.03.2011 Kazakhstan to use its chairmanship of OIC to promote Almaty as regional financial center
Kazakhstan will promote Almaty as a regional financial center during its chairmanship of the Organization of the Islamic Conference, says Deputy Chairman of the National Bank of Kazakhstan Daniyar Akishev.
"Kazakhstan's chairmanship of the Organization of the Islamic Conference this year will be an opportunity to promote Almaty as a regional hub for Islamic financing," he said at the Second Islamic Financial Conference on Monday in Astana.
14.03.2011 Kazakhstan mulling a $500-million sovereign sukuk offering
Kazakhstan is viewing a sovereign issue of Islamic bonds (Sukuk) for $500 million before the end of the year, said Vice Minister of Finance Berwick Sholpankulov.
"A sukuk offering will be the first priority to consider this year. We have analyzed the market: it allows for a $500 million benchmark issue," he told reporters on Monday in Astana.
The Vice Minister noted that the lack of legislative framework is the main obstacle on the way to the offering. Sholpankulov also said that the market conditions are the key influencer in the decision-making on Sukuk offering.
14.03.2011 Kazakhstan expects to raise $10 billion through Islamic offerings
Kazakhstan expects to raise up to $10 billion in the next 5-7 years through the issuance of Islamic securities, said chairman of the Agency for Regional Financial Center of Almaty Arken Arystanov.
"We hope that we can raise $10 billion over the next 5-7 years through the offering of Islamic securities," he said at the 2nd Islamic Finance Conference in Astana.
"This is about 10% of all banking assets in Kazakhstan," said Arystanov.
03.03.2011 Kazakhstan Islamic Finance Conference opens on March 14 in Astana
Astana will host Kazakhstan Islamic Finance Conference (KIFC 2011) on March 14-15, 2011.
"The key topic of the conference is development of Islamic capital markets in the country and CIS region," the Istisna'a Corporationacts organizer of the event said in a press release.
The conference program will cover the following issues: review of the regulation mechanisms, licensing procedures, financial accountability and risk management during Sukuk issuance, Islamic market of direct investments - innovations, establishment of Sharia Board, Sharia-compliant investment projects
19.01.2011 Financial Supervision Agency to develop the stock market, backed by the state-and-private partnership and Islamic finance
The Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations will be developing the stock market, backed by the state-and-private partnership and Islamic finance. This was announced today at the governmental session, while presenting the draft statement of the government, National Bank and Financial Supervision Agency, - the Minister of Economic Development and Trade of Kazakhstan Zhanar Aitzhanova said.
