Kazakhstan poised to join Islamic Financial Services Board

Kazakhstan intends to join the Islamic Financial Services Board (IFSB), Tengrinews reports referring to the press-office of the Ministry of Industry and New Technologies. IFSB is an international organization that promotes development of the Islamic financial services in banking, capital markets and insurance. “Kazakhstan plans to join the Islamic Financial Services Board and considers entering the International Islamic Financial Market (IIFM),” said Deputy Prime Minister of Industry and New Technology Issekeshev Asset at the World Islamic Economy Forum in the UK. In his speech Mr. Issekeshev noted that Kazakhstan, along with the development of the traditional financial system, was working towards creating a regional center for Islamic financing focused on Central Asian and CIS countries. In particular, Kazakhstan has developed a national program for development of Islamic financing called the Roadmap of Islamic Financing till 2020 and signed a strategic partnership agreement for 2013-2015 with Islamic Development Bank. The legislative base that creates a legal framework for the work of the Islamic financial institutions is being refined as well. Along with the participation in the forum, Mr. Issekeshev met with Prime Minister of Malaysia Najib Razak and president of the Islamic Development Bank Dr. Mohamed Ali. On the first day of his official visit to Britain Mr. Issekeshev participated in the roundtable session of Kaznex Invest and the Ministry of Industry and New Technologies of Kazakhstan to discuss implementation of Kazakh-British investment projects. The participants discussed the status of the new agreements reached during the visit of the Prime Minister of the United Kingdom David Cameron to Kazakhstan. The business leaders from the two countries signed 13 agreements and memorandums in petroleum engineering, petroleum production, mining and metallurgical industry, science and innovations, and IT totally worth 1 billion dollars (£700m). At the moment, promising Kazakh-British projects include organization of a drilling rig assembly line in Kazakhstan together with Dando Drilling International and the creation of a geological research center of the Ministry of Industry and New Technologies of Kazakhstan and Rio Tinto company. Cooperation with Cambridge University also holds a special place.