Seminar on the Prospects and Challenges in the Development of Islamic Finance for Kazakhstan Discusses Issues in Developing Islamic Finance in Kazakhstan

Almaty, 16 June 2014 – The Islamic Financial Services Board (IFSB) is organising a Seminar on Islamic Finance in Kazakhstan themed, “Prospects and Challenges in the Development of Islamic Finance for Kazakhstan” in Almaty, Kazakhstan today. The National Bank of Kazakhstan is hosting the Seminar on Islamic finance and the IFSB Facilitating the Implementation of Standards (FIS) Workshop Series for Banking and Takāful on 17 – 19 June 2014.

This Seminar is part of the IFSB Seminar on Islamic Finance Series which are held in jurisdictions wishing to explore the possibilities, opportunities and challenges of Islamic finance. It aims to create greater awareness on the specificities of the Islamic financial services industry, and discuss the issues in developing Islamic finance in Kazakhstan.

As a pioneer in the introduction of Islamic finance in Central Asia, Kazakhstan has taken important steps to promote the industry through a roadmap that embraces the adoption of supportive legislation and institutions covering the Islamic banking, capital markets and investment funds sectors. With the expanding need for infrastructure investment expected to drive foreign direct investment and joint cross-border ventures, Islamic finance offers a route towards accessing global and national pools of Sharī`ah-compliant savings, with a corresponding need for associated legal, taxation and regulatory infrastructure.

The Seminar’s sessions and discussions will draw upon the perspectives of national and regional opportunities on the building blocks needed to introduce Islamic finance as well as the facilitation of cross-border investment flows. The Seminar will also focus on the role of Sukūk in supporting the real economy. Tapping into the fast expanding pool of Sharī`ah-compliant funds, the Sukūk market has proved itself as an important source of funding for long term projects such as transportation and infrastructure building for sustainable economic development and fiscal spending requirements. Sukūk are also a potential form of High Quality Liquid Assets under the new global liquidity coverage rules.

The one-day Seminar will cover the following topics:

• Islamic Finance for Central Asia: Growth with Stability – Regulatory Issues and Key Preconditions
• The Role of Sukūk: Infrastructure Financing, Capital Market Instruments and High Quality Liquid Assets (HQLA)
• Panel Discussion on the Way Forward for the Development of Islamic Finance for Kazakhstan

Chairpersons and speakers who have confirmed their participation in this Seminar are:

• Jaseem Ahmed, Secretary-General, IFSB
• Daniyar Akishev, Deputy Governor, National Bank of Kazakhstan
• Maxat Kabashev, President, Kazakhstan Stock Exchange
• Assoc. Prof. Mustafa Kemal Yılmaz, Executive Vice President, Borsa Istanbul, Turkey
• Bilal Yazaroğlu, Expert, Corporate Finance Department, Capital Markets Board of Turkey
• Dr. Amat Taap Manshor, Chief Executive Officer, Finance Accreditation Agency, Malaysia
• Prasad Abraham, Chief Executive Officer, Al Hilal Bank, Kazakhstan
• Dr. Serik Akhanov, President, Association of Financial Institutions, Kazakhstan
• Madzlan Mohamad Hussain, Partner and Head, Islamic Financial Services Partner, Zaid Ibrahim & Co., Malaysia
• Dr. Mohamed Damak, Director, Standard & Poor’s, Paris
• Khurshed Mirakilov, Consultant and Head of Economic and Financial Department, The Association Banks of Tajikistan

This Seminar is attended by over 100 participants.

The IFSB is also organising IFSB-Facilitating the Implementation of Standards (FIS) Workshop Series for Banking and Takāful on 17 – 19 June 2014 with the aim to provide the participants with a better understanding of the IFSB Standards. Participation in these Workshops is by invitation only.

Please visit www.ifsb.org or contact Ms. Yazmin Aziz at [email protected] for more information of the Seminar and the Workshop.