International forum on Islamic financing kicks off in Astana

13:34, 25 January 2010

ASTANA. January 25. KAZINFORM /Rassul Bakhamov/ The issue of attraction of foreign investors during the post-crisis period is of paramount importance. In this regard, the international forum devoted to the issues of Islamic financing was opened Monday in Astana.

The Islamic financing experience is interesting for Kazakhstan as long as the system spreads all over the world. The Law "On amendments to some legislative acts of Kazakhstan on the issues of organization and functioning of the Islamic banks and organization of Islamic financing" was adopted in Kazakhstan in February 2009. Analysis and study of the experience of other countries is conducted at the governmental level.

Creation of a legal framework will promote attraction of capital from the Middle East and South-East Asian countries to Kazakhstan, development of the competition in the field of project financing and investments.

As representatives of the Kazakh Agency on Regulation of the RFCA informed, first offices of Islamic "Al Hilal" bank will be opened in Kazakhstan in the first quarter of 2010. Necessary reification procedures have been already accomplished.

Representatives of the Kazakh Ministries of Industry and Trade, Finance, Regional Financial Center of Almaty (RFCA), "Samruk Kazyna" Fund, "Kazakhstan Development Bank" JSC and heads of a range of Islamic financial institutions take part in the forum.

The forum will last for two days.

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