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Almaty to be center of Islamic finance by 2015

25 march 2011, 14:32
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Vesti.kz stock photo
Vesti.kz stock photo
When speaking at a conference on forthcoming Kazakhstan’s chairmanship in the Organization of the Islamic Conference (OIC), Mr. Darkhan Nurpeissov, Vice Chairman of the Agency regulating the Regional Financial Center of Almaty (RFCA), said that Almaty is to be transformed into a global center of Islamic finance by 2015-2020.

“By 2012-2015 we plan to put in place infrastructure for the Islamic financial industry to turn Almaty into a full-fledged center of Islamic finance by 2015-2020”, he said.

Legal foundation has already been laid. Almaty is home to the first Islamic bank in Kazakhstan. A second Islamic bank is to enter the market shortly. Besides, an Islamic insurance company and a brokerage, a handful of consultancies and funds have been launched. However, according to Mr. Nurpeissov, the population is not fully aware of Islamic finance. “Basics of Islamic finance and money management skills have yet to be taught to common folks”, he emphasized.

Kazakhstan is going to take over the chairmanship of the OIC in June.

The Organization of the Islamic Conference (OIC) is an international organization with a permanent delegation to the United Nations, with 57 member states. The organization attempts to be the collective voice of the Muslim world and attempts to safeguard the interests and ensure the progress and well-being of Muslims.

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