Islamic securities

28.11.2017 Islamic securities

ASTANA.KAZINFORM – The Head of the State Nursultan Nazarbayev told about development of Islamic financing in Kazakhstan, - the correspondent of MIA “Kazinform” reports. 

Kazakhstan is the leader in implementation of Islamic financing in the region of the CIS and Central Asia since 2009. According to the latest report of Reuters, Kazakhstan took the fifth place on favorable conditions for Islamic investments. This rating is carried out among organization members of an Islamic cooperation, - said Nursultan Nazarbayev at the ceremony of Global Islamic Finance Award (GIFA) in Astana.

The President reminded that at present a number of Islamic financial institutions operate in Kazakhstan in the sphere of bank insurance, leasing. “The first Islamic bank “Al Hilal” was opened in Kazakhstan. In 2012 the Development Bank of Kazakhstan for the first time issued Islamic bond SUKUK. Now bonds in the amount of 240 million Malaysian ringgits are successfully realized. It is planned to issue to 300 million dollars government Islamic independent securities SUKUK, - the President informed. 

The Head of State also reminded that Kazakhstan works closely with the Islamic Development Bank which is the main and strategic partner of the country in development of Islamic financing and banking. “Today,  23 projects worth 500 million dollars have been realized in Kazakhstan among bank loans, 12 new projects worth 900 million dollars are planned to be implemented.” – said Nursultan Nazarbayev.

As the President of Kazakhstan told, Islamic financing has turned into a fast-growing industry in the world. Its annual turnover exceeded 2 trillion dollars and for the last 10 years grew by 3 times. “It is planned that by 2020 this indicator will reach 3 trillion dollars. Today the services of Islamic financial institutions are not limited with Islamic states. They work in Great Britain, Japan, USA, France, Australia, India. The 100 the best banks of the world opened elements of Islamic financing in the their structures” , - concluded the Head of the State.

Recall, today Nursultan Nazarbayev presented the President of Djibouti Ismail Omar Gelle a global award on Islamic Finance (GIFA).