Astana International Financial Centre Aims to Develop Kazakhstan’s Islamic Finance Industry

Data from the National Bank of Kazakhstan indicates that Islamic banking assets currently represent just 0.21% of the total banking sector assets in Kazakhstan, reflecting not much of an improvement from the 0.16% share held in the previous year.

Grata International, a global network of international law firms, stated that Islamic products are still rarely used in Kazakhstan despite the Government of Kazakhstan taking steps to improve the sector’s attractiveness.

According to the Astana International Financial Centre (AIFC), the target is to make Islamic Banking assets hold a 5-7% share of total banking sector assets in Kazakhstan by 2025. In this regard, the AIFC has taken s...