Kazakhstan can be core of common economic space in CA

Central Asian counties will benefit from a common economic space in the region, Adalet Jabiyev, Director General of Ash-Shams Capital investment and financial company is quoted by KazTAG as saying. “Kazakhstan has ample experience of integration and association among the CIS countries and can become the core of the common economic space in Central Asia and Islamic world as a whole," Jabiyev said. Some steps are already being made in this direction. Jabiyev said that establishment of an analytical center to study Islamic finance and promote introduction of Islamic financial products into the Kazakh banking system in early May by a team of experts from the Kazakh University of Economy, Finance and International Trade. “One of the goals of the center will be to raise awareness among the population. Kazakh businesses and citizens are not fully informed of the Islamic products, only academic circles are aware,” he said. In a longer term perspective it is planned to make Almaty a Center of Islamic Funding by 2015-2020. But to fully implement the goal it is necessary that it is supported by both the state and the private sector.