ISLAMIC FINANCE

For the first time in the CIS and the Central Asia in 2009 was accepted the Law of the Republic of Kazakhstan on Islamic finance, within whereof it became possible to organize activity of the Islamic banks and investment funds, to issue Islamic securities.In order to develop Islamic capital market in 2011 were made amendments to Kazakhstan legislative acts that provide a possibility to issue state Islamic securities, and also to widen a list of originators of Islamic securities issued by Kazakhstan residents.