Almaty can become center for Islamic financing

Almaty might become the center for Islamic financing. This suggestion was made by Kazakhstan President Nursultan Nazarbayev at the sitting of the OIC (Organization for Islamic Cooperation) Council of Foreign Affairs Ministers, Tengrinews.kz reports. “Creation of OIC system to support small and medium business is a perspective direction. We call to create a special small and medium business fund as part of the Islamic Development Bank. I suggest to hold an international conference on Islamic banking and develop Almaty as a regional financial center to use Islamic financing. Such conference could also be held in Almaty,” Nursultan Nazarbayev said. He noted that Islamic world needs to shift from raw materials to industrial and innovative development. “I suggest to develop and adopt an OIC joint action plan on investment and technological cooperation in energy, and establish an international center for innovations,” Kazakhstan President offered. Nursultan Nazarbayev also called to open an Islamic website and a food fund for the OIC countries, as well as to develop a strategy of economic development of Islamic countries.