Kazakhstan planning to take a lead: AIFC establishes international Islamic Finance Advisory Board

The Board held its inaugural meeting on December 10 in Abu Dhabi at the Embassy of Kazakhstan in the UAE as part of AIFC Connect Abu Dhabi.

The Board will serve as a central intellectual hub for the development of Islamic finance in Kazakhstan. It will provide independent recommendations on legislation, Shariah governance, capital markets, sustainable finance, digital solutions, and international cooperation.

Madina Tukulova, Head of Islamic Finance at the AIFC Authority, noted that the establishment of the Islamic Finance Advisory Board is an important step forward in strengthening the Islamic finance industry in Kazakhstan.

"By bringing together the expertise of leading experts from major Islamic finance jurisdictions, we are creating a platform capable of setting new standards of quality, transparency, and development for the entire region. I am confident that the Board’s recommendations will contribute to the accelerated growth of the industry and further strengthen the AIFC's position as a regional hub for Islamic finance," she said.

Dr. Adnan Ahmed Yousif, President and Chief Executive of Lemrair Consultancy Company W.L.L,  underscored that the establishment of the Islamic Finance Advisory Board at the AIFC represents a strategic milestone in strengthening the institutional foundations of Islamic finance in the Eurasian region.

"Kazakhstan has considerable potential to advance ethical and sustainable financial solutions, and the IFAB will serve as an important platform where international experts can contribute to shaping the future direction of the industry," noted he. 

During its first meeting, Advisory Board members focused on key issues related to the development of Islamic finance in Kazakhstan and the region. Experts discussed the current state of the Islamic finance industry, existing growth barriers, and Kazakhstan’s potential to become a leading center for Islamic finance.

Particular attention was given to strategic priorities for 2026–2028, including:

- launching new Islamic financial products,

- expanding participation of international institutions,

- strengthening the jurisdiction's investment attractiveness,

- the need to improve the AIFC's Shariah governance system.

The Board members supported the need to implement a comprehensive Shariah governance policy at the AIFC aimed at improving expert evaluation of Islamic financial products, standardizing requirements for Shariah advisory bodies, and ensuring transparency in decision-making procedures. This work is expected to strengthen investor confidence and ensure adherence to internationally recognized Islamic finance standards in Kazakhstan.

The Board also reviewed Kazakhstan’s potential in green and socially oriented Islamic instruments, including opportunities for issuing green and ESG sukuk.

Members of the IFAB include leading international specialists:

• Dr. Sami Al Suwailem, Acting Director of the Islamic Development Bank Institute, a leading international expert in Islamic economics and the global Islamic finance industry.

• Dr. Adnan Ahmed Yousif, President and Chief Executive of Lemrair Consultancy Company W.L.L, a key leader in Islamic banking in Bahrain and the Middle East.

• Professor Dato Dr. Aznan Hasan, Professor of Shariah at the International Islamic University of Malaysia, a leading international expert in Shariah supervision.

• Lim Say Cheong, Independent director and expert in Islamic banking, capital markets, and digital assets (UAE).

• Fatma Çınar, Deputy Secretary General of the Participation Banks Association of Türkiye and an expert in Islamic banking.

• Maya Marissa Malek, CEO of Sabiq Advisory (Malaysia-UAE), an expert in Shariah corporate governance, ESG initiatives, and capital markets.

• Madina Tukulova, Head of Islamic Finance at the AIFC Authority and CEO of the Association for Islamic Finance and Business, responsible for strategic industry development and international cooperation.

The composition of the Advisory Board reflects leading global models of Islamic finance development from Saudi Arabia, the UAE, Bahrain, Turkiye, Malaysia, and Kazakhstan. The establishment of the Advisory Board represents an important step in building an internationally recognized Islamic finance ecosystem and strengthening the AIFC’s position in Central Asia. 

Earlier, it was reported that the AIFC together with the Embassy of the Republic of Kazakhstan to the United Arab Emirates and the Embassy of the United Arab Emirates to the Republic of Kazakhstan held the AIFC Connect: Abu Dhabi 2025 business event in Abu Dhabi