NB enters International Islamic Financial Market

Membership in these international Islamic financial institutions will allow the National Bank to receive qualified assistance in the development of standards for accounting and auditing of Islamic financial institutions, as well as the standardization of structures and contracts of Islamic financial instruments for liquidity management of Islamic financial institutions. The application was submitted within the 21st Annual World Islamic Banking Conference in Manama (Bahrain). During the conference, Deputy Chairman of the National Bank of Kazakhstan Nurlan Kusainov spoke about a new paradigm of Islamic finance development in the world, and about the current state and prospects of enhancement of Islamic finance in Kazakhstan. In the framework of the conference the delegation held a meeting with representatives of the Central Bank of Bahrain. They discussed issues of mutually beneficial cooperation, as well as the possibility of studying the experience of Bahrain in the regulation of the Islamic financial sector.