The Islamic Development Bank Institute (IsDBI) is excited to announce the successful completion of its flagship Islamic Finance Strategic Mapping Framework (IF-MAP, formerly IF-CAF) pilot exercise in the Republic of Kazakhstan. This assessment, done in partnership with the Astana International Financial Centre (AIFC), aimed to identify opportunities and challenges within the country’s Islamic finance sector.
The pilot initiative of IF-MAP was launched in June 2023 and involved consultations with key stakeholders, including government agencies, financial institutions, and industry experts. The resulting report with tailored policy recommendations, highlighting the sector’s progress and providing suggestions for future development, has been submitted to the AIFC.
As a key outcome, IsDBI and AIFC collaborated to create the Kazakhstan Islamic Finance Country Report 2024, which was launched by H.E. the Governor of AIFC, H.E. Mr. Renat Bekturov, during the Astana Finance Days on 6 September. The report underscores the potential of Islamic finance in supporting Kazakhstan’s economic growth and development.
In his welcome remarks, H.E. Mr. Renat Bekturov stated, “This report not only offers an overview of the Islamic finance industry but also showcases our shared vision for the future. AIFC’s dedication to promoting Islamic finance is evident through the favorable conditions for Islamic financial companies operating in both retail and corporate sectors. The report serves as a valuable guide for investors, policymakers, and stakeholders.”
Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed his delight in collaborating with AIFC on this initiative. He emphasized the significance of the Kazakhstan Islamic Finance Country Report in providing an analysis of the sector’s current state and future prospects. Dr. Sami believes that the report, along with the IF-MAP policy recommendations, will guide policymakers, investors, and financial institutions in leveraging the full potential of Islamic finance in Kazakhstan.
IsDB Institute remains dedicated to supporting the growth and development of the Islamic finance industry globally through research, training, and capacity-building programs to create a more inclusive and sustainable financial system.
You can access the Kazakhstan Islamic Finance Country Report 2024 on the IsDBI website here.
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
Media contact:
Habeeb Idris Pindiga
Associate Manager, Knowledge Horizons
Islamic Development Bank Institute (IsDBI)
Email: hpindiga@isdb.org
Social media handles:
X (Twitter): Twitter
Facebook: Facebook
LinkedIn: LinkedIn
About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by Islamic economics and finance principles, IsDB Institute develops innovative knowledge-based solutions to support sustainable economic advancement in IsDB Member Countries and Muslim communities worldwide. The Institute facilitates economic development through research, human capital development, and knowledge management. Initiatives to strengthen Islamic finance ecosystems aim to help Member Countries achieve their development goals. More information about IsDB Institute is available on IsDBInstitute.org