The financial institutions of the two continents signed an agreement
A memorandum of understanding was signed between the Islamic Corporation for the Development of the Private Sector and the Association of Financiers of Kazakhstan
Chief Executive Officer, General Director of the Islamic Corporation for Private Sector Development (ICD) Mr. Khalde Al Abudi and Deputy Chairman of the Management Board of NCE RK "Atameken", Chairman of the Council of AFK Yuliya Yakupbaeva signed a memorandum of understanding on behalf of both organizations.
This agreement was adopted within the framework of the IFN CIS Forum, which is held in Astana. The international forum will serve as a bridge for entering the markets of the Islamic financial industry.
During the signing ceremony, Mr. Khaled Al-Abudi stressed the importance of the MoU in building capacity, facilitating the exchange of knowledge and providing more sustainable access to finance among the member countries of the IBC. "Assisting the development of the Islamic finance industry has always been one of our top priorities. We look forward to continuing and intensifying these efforts aimed at better solving the problems of Kazakhstan with the goal of creating innovative, reliable and competitive financial systems at the national and regional levels".
It should be noted that Kazakhstan is the only country in the CIS with progressive legislation in the field of Islamic finance. The unique position of Kazakhstan will give a new impetus to the development of Islamic banking and finance in the regional market, uniting more than 170 million people.
The head of AFK Yuliya Yakupbaeva noted that she welcomes official registration of our cooperation with ICD. "This Memorandum of Understanding is an excellent platform for the IBC to establish and establish relations with its members in the region. This is an opportunity to benefit from the experience of both institutions, especially to expand the coverage of member countries to raise awareness, to share information and share knowledge. In addition to holding joint seminars and training programs to raise awareness about Islamic finances".
It should be noted that the Islamic financial institution in the person of Al-Hilal Bank entered the Kazakhstan banking sector in 2010. Since 2008, Kazakhstan has been consistently working to create and to improve the legal framework for Islamic finance.
The agreement between the Islamic Corporation for the Development of the Private Sector and the Association of Financiers of Kazakhstan will serve the development of the Islamic Institute and will give a new impetus to development. Consolidation of joint actions will be aimed at exploring possible ways of cooperation related to the support of Kazakhstan's financial institutions and the development of Islamic finances in Kazakhstan.
In turn, NCE RK "Atameken" will study this process from the point of view of business, it will help improve the climate for the participation in this market of domestic entrepreneurs. The agreement provides for the exchange of information between the IBC and AFC, knowledge and experience in matters of Islamic finances.
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