Islamic banking unites

The manager of the International Financial Center "Astana" Kairat Kelimbetov joined a number of experts of KazanSummit 2017.

The arrival of Kairat Kelimbetov at the International Economic Summit "Russia-Islamic World" is expected and natural. After all, the "Astana" International Financial Center, which he heads, among other things, specializes on Islamic financing. The main task is the establishment of AIFC by the hub of Islamic financing in the region, where the most favorable conditions for the functioning and development of Islamic finance entities are going to be created. Therefore, Kazansummit 2017 will provide an excellent opportunity to discuss the development of Islamic financing mechanisms and adopt the world experience in this field.

The capital of Kazakhstan became the venue for the second IFN CIS Forum in the year 2017. This event was attended by market participants and regulators from the key global markets of Islamic finance, among them was also a representative of the Tatarstan Investment Development Agency. The forum discussed advantages of Islamic financing. "The main difference between Islamic financing and traditional financing is that there is no debt in Islamic Financing. In addition, as experience showed us in 2008, a huge debt leads to a financial collapse. In Islamic financing, there are only real assets. We believe that such institutions have great prospects for the development”, said the head of the Islamic Financial Center (Bahrain) Mujtaba Khalid at the last forum IFN CIS in Astana on March 14, 2017.

The Republic of Kazakhstan has traditionally been one of the Tatarstan's strategically important and active business partners. This cooperation is based on the agreement between the Government of the Republic of Tatarstan and the Government of the Republic of Kazakhstan on the principles of trade, economic, scientific, technical and cultural cooperation, which was signed in 1996. The trade turnover between the Republic of Kazakhstan and Russia for 2016 amounted to 12,639 million US dollars, of which about 14% is provided by Tatarstan.

For reference: The AIFC has a special legal regime based on the General Law governing the relations between the participants of the AIFC and interested parties and aimed at the development of the financial market.
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