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17.03.2010. FROM IDEAS TO REALITIES
KAZAKHSTANSKAYA PRAVDA
17 MARCH, 2010-03-17
FROM IDEAS TO REALITIES
“By 2020 Kazakhstan is to become a regional center of Islamic banking in CIS and Central Asia entering the number of ten leading financial centers in Asia” – reads the state leader’s address. The first Kazakhstan conference on Islamic funding brought together regulators of Islamic financial markets, bankers and consultants from Bahrain, Saudi Arabia, the UAE and Malaysia.
Greeting the participants PM Karim Masimov taking part in the event said that Islamic funding grew all over the world: it is flourishing in Asia, Persian Gulf states and Europe.
Moreover, Islamic funding confirmed its sustainability in the global crisis proceeding with growing.
The head of the Cabinet noted conformity of Shariat principles laid in its foundations – such as risks’ sharing, transparency and efficient management, with Kazakhstan’s aims of development.
The Government is elaborating supportive policy and institutional environment, he said, calling for active involvement in realization of huge potential of Islamic financing in Kazakhstan.
Vice PM and minister of industry and new technologies Aset Isekeshev talking of industrial-innovative infrastructure in Kazakhstan needing Islamic funding noted significance of foreign investments from Near East and South Asia for domestic economy. Kazakhstan Government has taken concrete steps on the President’s instructions: special laws providing work on all principles of Islamic funding were adopted.
Our country offers investors’ participation in a five –year program of industrial-innovative development.
Thus jointly with partners from Abu Dhabi first Islamic bank AL Hilal is established and projects on securities’ issuing and creation of direct investment fund – implemented.
Abdulla Hasan Saif, PM’s aide from Bahrain kingdom made a talk on strategic partnership with Kazakhstan.
An honorary guest reminded of a 30%-grwoth of Islamic funding annually, which is an attractive alternative.
Bolat Zhamishev, the finance minister featured prospects of Islamic securities for Kazakhstan. Thus sutuk - one of the components of Islamic capital economically similar to traditional securities with fixed income is promising.
General Secretary of the Council for Islamic financial and services Rifaat Ahmed Abdel Karim made a detailed talk on the Council’s role in Islamic funding.
Rysty Alibekova
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