Islamic Financial Services Council Summit To Be Held In Kazakhstan Next Year

A summit of the Council for Islamic Financial Services will be held in Almaty in 2015, Tengri news reports citing the Governor of the National Bank of Kazakhstan Kairat Kelimbetov as saying at the briefing in the Central Communication Service headquarters in Astana in October.

“A summit of the Council for Islamic financial services will be held in 2015 in Almaty. We expect that this will enable us to obtain support in development of common standards for Islamic financial institutions,” Kelimbetov said.

A legal framework for accounting based on standards of the Auditing Organization for Islamic Financial Institutions has been developed this year, Kelimbetov said. This is similar to the conventional financing principles established by the International Financial Reporting Standards, which Kazakhstan is planning to join this year.

“Kazakhstan is one of the leaders of Islamic finance in the region of Central Asia and CIS. Over the past years we adopted the legislation unprecendented for the CIS that regulates organization and activities of Islamic finance; the Government adopted a roadmap for  evelopment of Islamic finance until 2020; we became a member of the Council for Islamic Financial Services,” Kelimbetov stressed.

He also noted that in the near future Kazakhstan would have an opportunity to actively use the tools of Islamic finance.

“I believe that in the next five years the government of Kazakhstan, the quasi-public and private sectors of our country can actively use this tool to attract sovereign and quasi-sovereign bonds and private sector bonds. Very good opportunities for this will be here already in 2015. In any case, we have prepared legislation for regulating the issuance of Islamic bonds,” Kelimbetov said

Originally published on www,en.tengrinews.kz/