RU
RU KZ EN
-10°
25°C
Солнечно, без осадков
Алматы Астана Актау Атырау Балхаш Жезказган Караганда Кокшетау Костанай Павлодар Семей Тараз Чимкент
Курс валюты
USD / KZT — 181.50
EUR / KZT — 232.77
РУБ / KZT — 4.43
CNY / KZT — 29.64
KZ RU EN
Contact us +7 (727) 388 8020 +7 (717) 254 2710
  • USD / KZT - 181.50
  • EUR / KZT - 232.77
  • РУБ / KZT - 4.43
Алматы Tengri FM 107.5 Thursday, 23.10.2014
+11 C°
Облачно
Hot news: Kazakhstan's chemical industry eyeing investors from China, Korea and Europe Central Bank Governor on why he assured there would be no currency devaluations prior to actual devaluation 17-y.o. Kazakh model in Top 7 of Miss Princess of the World-2014 Will Kazakhstan cut on social spending amid sliding oil prices? WHO advises Kazakhs against drinking tea Verdi's La traviata premier at Astana Opera and live on Tengrinews TV Total names new head, and chairman after CEO death: union Kerry says no deal with N. Korea for freed American Astana Mayor appointed Defence Minister of Kazakhstan New Mayor of Astana appointed Kazakhstan explores coal-to-oil opportunities Kazakhstan to produce crude as long as it brings benefits and is demanded in global markets: Energy Minister No end in sight for Hong Kong protests after talks Washington Post 'Watergate' editor dead at 93 Snowplough driver in Moscow crash says on runway by mistake APEC finance chiefs meet as global worries persist Clinton: Women's rights 'under assault' by Republicans WWII ships found deep in 'Graveyard of the Atlantic' Kate makes first appearance since royal pregnancy Death of Total CEO will not affect Kashagan project: Kazakh Vice-Minister of Energy Nursultan Nazarbayev condolences on Total CEO death Yahoo profit surges on Alibaba divestment, mobile Russia blames 'negligent' airport bosses for Total CEO's crash Russia-Ukraine gas talks falter, new meeting next week Apple sees iCloud attacks; China hack reported Kazakhstan’s Central Bank Governor on possible currency devaluation Pistorius sentenced to five years jail for killing girlfriend India's Modi moves to reform problem-plagued coal industry Putin calls killed Total CEO 'true friend' of Russia Former Australian prime minister Gough Whitlam dead at 98 American fashion designer Oscar de la Renta dies at 82 Amazon, Simon & Schuster sign book retail deal Monica Lewinsky says she was cyber-bullying Patient Zero Antibiotics may help animals spread salmonella: study Hungary FM to meet a top US diplomat amid visa ban row Pollution in pregnancy linked to lung damage in child Facebook sues lawyers over 'scam' lawsuit for stake Che photographer Burri dies aged 81 'Glass ship' Vuitton museum kicks off art-rich week in Paris Merkel: Allies should help Ukraine pay Russian gas debt Microsoft chief Nadella earned $84 million in 2014 Hong Kong leader: Democracy would see poor people dominate vote Rousseff leads by whisker in latest Brazil polls CEO of oil giant Total killed in Moscow plane crash New iPhones deliver big profits for Apple Kazakhstan to revisit its 2015 budget with falling oil prices in mind Kazakhstan to clear WTO accession procedures by December Anti-tobacco conference struggles to stub out lobbyists Mozambicans pick president in test for long-ruling Frelimo Gonzalo becomes 'major hurricane' in Atlantic: US forecasters Facebook, Apple to cover women's egg-freezing: report Astana cycling team skips Tour of Beijing over doping Malala dedicates Nobel award to 'voiceless' children Kazakhstani gasoline prices to match Russian by 2019: Karabalin Nazarbayev offers Russia to cooperate in geological exploration of Caspian Depression Kazakhstan to face West vs Russia sanctions with investments: Kelimbetov Animated 'Boxtrolls' take US by storm Australia PM Abbott applauds FBI partnership Indonesian parliament to vote on controversial election plan Electronics giant Philips to split in historic move 'Friends' fans flock to New York pop-up cafe Russia could restrict airspace in sanctions battle: PM Philippine airport bomb plotters planned anti-China attacks: govt German jobless rate unchanged in August: data Galileo satellites not on right orbit: Arianespace Paris relives the joy of liberation, 70 years on US dominates Chinese world university rankings Jasmine and smoke: the allure of Greek summer cinemas Thousands mark Moon death anniversary in S. Korea India stray dogs to be part of security squad‎ Russia okays $150 mn to subsidise World Cup venues Tennis: Kazakhstani Zarina Diyas gets in WTA Top-100 Facebook wants to beam the Internet from the sky

IDB told about development of Islamic financing in Kazakhstan

11 october 2012, 17:37
63 0
Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), a arm of the Islamic Development Bank (IDB) for private sector, told about the plans for development of Islamic financing in Kazakhstan at the 3rd Kazakhstan Conference on Islamic Financing, Tengrinews.kz reports.

“First of all, we are establishing the first ijara company in Kazakhstan. ICD is opening the ijara company together with a big group of foreign and local investors. This is Islamic leasing in Kazakhstan to support development of small and medium businesses by providing them with alternative resources for the projects that comply with Sharia requirements. The company’s initial capital is $35 million. This will be a financial leasing that will be available for all sectors of the economy. All parties involved in opening of this company are currently completing the signing stage to start working in 2012,” Al-Aboodi said.

Ijara agreement is equivalent to leasing agreement that serves a basis for special procurement of the equipment of other property by the Lessor (Bank) and renting it out to the Client for a certain payment and certain period of use.

Sharia is the moral code and religious law of Islam. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also haraam (sinful and prohibited).

Al-Aboodi said that Takkafu investment company and the second Islamic bank are going to be opened in Kazakhstan. Al-Aboodi noted that ICD launched several funds rendering consulting services that will focus on agricultural and food business, as well as search for renewable energy sources. These funds will work in Central Asian countries, as well as in Turkey, Bosnia, Albania and Kosovo.

“The interest to renewable energy is high in these countries, first of all, for ecological reasons: changing climate, fossil fuels, their deficiency and the governments’ commitment to searching for new energy sources. The fund want to work on release the potentials of these regions. $50 million are already on the way into the fund from foreign and government investors. The fund has attracted interest of target investors. They are already planning to invest $25 million for the initial stage,” chairman of ICD said.

The IDB’s arm is also dealing with food supply projects. According to Al-Aboodi, development of agriculturw is very important in many Islamic countries, considering the average population growth and food deficiency. Besides, according to Al-Aboodi, the organization is developing a project for real estate in Aktau with approved financing of $40 million.

“Kazakhstan and CIS (Commonwealth of Independent States) countries have big opportunities for development in the real sector of the economy. This big opportunity in the Islamic sector in CIS countries has not yet been filled by the traditional banks; that’s why the Islamic financial institutes can use this opportunity. ICD is ready to cooperate and expand the experience and resources with our potential partners and important projects,” Al-Aboodi stated.


By Aidana Ussupova
Write your comment
Please introduce yourself:
Inicate your e-mail (confirmation required):
You can also log in as:
Comment:
By pressing "Send" button, you express your agreement with the rules of comment section
Sea of candles marks 'magical' rally that shook Berlin Wall
Some 200,000 people joined a candlelight procession marking a watershed mass protest 25 years ago that helped bring down the Berlin Wall a month later.
582 0
The Eiffel Tower in numbers
he Eiffel Tower is the most visited monument in the world that charges for entrance. Here is a factfile on France's iconic building.
581 0
Berlin passion for 1940s fashion untempered by WWII hue
With her blotted red lipstick, perky coiffed curls and fitted 1940s skirt suit, Constanze Pelzer looks like she's stepped off a World War II film set. From head to toe, the 49-year-old German is the picture of 1940s elegance -- from the little glasses and striking jewellery to her red sling-backs, her entire outfit is authentic.
536 0
'Miracle' of the Marne: the WWI battle that changed history
At the start of September 1914, after just one month of war in Europe, the German army were at the gates of Paris. The word on the street was that Emperor Wilhelm II had already booked a dinner table on the Champs-Elysees.
579 0
Madagascar unleashes poisoned rain to break locust plague
The choppers swoop in, dumping insecticide over a plague-stricken village in Madagascar's stunning central highlands.
613 3
A day at the Met: opera for New Yorkers and the world
In a cramped backstage area at New York's Metropolitan Opera House, French mezzo-soprano Sophie Koch adjusts her 19th century dress.
3 089 1
Nazi past overshadows genius of Porsche
The name Porsche has long made sports car enthusiasts swoon but the Nazi past of the famous brand's founder has left his Czech hometown sorely divided over his legacy.
536 0
Paraguay group turns garbage into sweet melodies
Parents all over the world often complain about their children's music being garbage.
555 0
Most Read
Most Discussed
Today
Week
Month
Яндекс.Метрика