IsDB Institute Finalises Trial of Strategic Mapping Framework for Islamic Finance in Kazakhstan
Astana
The Islamic Development Bank Institute (IsDBI) has announced the successful completion of its pilot pilot exercise of the Islamic Finance Strategic Mapping Framework (IF-MAP, formerly known as IF-CAF) in the Republic of Kazakhstan.
This comprehensive assessment, conducted in collaboration with the Astana International Financial Centre (AIFC), aims to identify key opportunities and challenges within the Islamic finance sector in Kazakhstan.
The pilot initiative of the Islamic Finance Strategic Mapping Framework (IF-MAP) was launched in June 2023 and involved extensive consultations with key stakeholders, including government agencies, financial institutions and industry experts. The resulting tailored Policy Recommendations Report, which outlines the sector’s progress and provides recommendations for future development, was submitted to the Astana International Financial Centre.
As one of the key outcomes of the exercise, the IDB Institute and AIFI developed the Kazakhstan Islamic Finance Report 2024, which was presented by the Governor of the Astana International Financial Centre
As one of the key outcomes of the exercise, the IDB Institute and the Astana International Financial Institute (AIFI) developed the Kazakhstan Islamic Finance Report 2024, which was presented by the Governor of the Astana International Financial Centre (AIFC), Rinat Bektorov.
Launched on the 6th of September during Astana Financial Days, the report highlights the enormous potential of Islamic finance in supporting economic growth and development in Kazakhstan.
In his welcoming remarks, Rinat Bektorov noted that ‘this report not only provides a comprehensive overview of the Islamic finance industry, but also highlights our shared vision for the future,’ noting that Astana International Financial Centre’s commitment to promoting Islamic finance is evident in the favourable conditions provided for Islamic financial companies to operate in both the retail and corporate sectors.
‘The report is an invaluable guide for investors, policymakers and stakeholders,’ emphasised Peturov.
Commenting on the successful completion of the pilot exercise, Dr Sami Al-Suwailem, Acting Director General of the IDB Institute, said: ‘We are delighted to collaborate with the Astana International Financial Centre on this important initiative. The Kazakhstan Islamic Finance Report provides a valuable analysis of the current state of the sector and its future prospects. We believe that the report, along with IF-MAP’s policy recommendations to the Astana International Financial Centre, will be useful in guiding policymakers, investors and financial institutions as they work to harness the full potential of Islamic finance in Kazakhstan.’
The IDB Institute remains committed to supporting the growth and development of the Islamic finance industry worldwide. Through its research, training and capacity building programmes, the Institute seeks to contribute to the creation of a more inclusive and sustainable financial system.