1. Main
  2. Learn
  3. News overview
  4. Kazakhstan

Almaty to be center of Islamic finance by 2015 25 марта 2011, 14:32

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.

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan
OPEC agrees shock oil output cut
Israeli ex-president and Nobel laureate Peres dies
Germany blocks WhatsApp data transfers to Facebook
32,000 arrested in Turkey coup probe
Youth to the fore as Milan fashion week opens
Xenophobia threatening peace in eastern Germany
Four-in-10 Japanese are virgins: poll
Sweden re-militarises Baltic island of Gotland
China to launch second space laboratory: Xinhua
More than a billion stars mapped in Milky Way: ESA
Boxing: Golovkin eyes Saunders after stopping Brook
Kazakhstan shifts PM to security chief
Oil prices gain despite rising OPEC supply forecast
US to give Philippines military planes
Singapore wages war on Zika-bearing mosquitoes
Italy quake death toll nears 250
Viral photos add fuel to French burkini debate
18 dead as Italy struck by powerful quake
Japan's first lady visits Pearl Harbor
Pokemon's a no-go on Bangkok's roads
July was Earth's hottest month in modern times
Pakistan rock climbers scale new heights