Kazakhstan to discuss deepening Islamic finance

by TMR / TMR file pic

The potential of Islamic financing projects in Kazakhstan and the Kazakhstan Stock Exchange functioning as a platform for the development of Islamic finance will be among the issues to be discussed at a meeting in Almaty today.

Kazakhstan is hosting a meeting on the implementation of Islamic nance for the regional office of the Islamic Corp for the Development of the Private Sector, reported Trend News Agency.

Among others, the meeting will consider projects of the Islamic Finance Development Association.

The meeting is expected to discuss Islamic finance as an alternative tool in financing projects in Kazakhstan and joint plans of Damu Entrepreneurship Development Fund JSC.

In a report released last year, it was noted that Kazakhstan is one of the hotspots for the rise of Islamic social nance comprising zakat, waqaf and non-pro t micro nance.

In the report by Islamic Research and Training Institute (IRTI), the training arm of the Islamic Development Bank Group, it noted that Islamic social nance is “attracting increasing interest” in central Asian countries, the Balkans and Russia.

However, IRTI’s Islamic Social Finance Report 2017 also found the potential of Islamic social nance remained unrealised because of a multiplicity of factors that included weak systems of zakat collection and distribution, the limited scope of awqaf and failure to meet rising demand for Islamic micro nance, particularly in agriculture financing. — TMR