• Спецпроекты
  • Weather forecast
    • Exchange Rates
    • 428.71
    • 519.12
    • 5.79
  • SEND YOUR NEWS TO US WhatsApp +7 (777) 001 44 99
  1. Main
  2. Learn
  3. Politics
  4. Politics

12th Islamic Financial Services Board summit in Almaty on May 19-21 07 января 2015, 18:53

The 12th Sammit of the Islamic Financial Services Board (IFSB) will take place in Almaty from May 19 to 21.
  • Vkontakte
  • Facebook
  • Twitter
  • Одноклассники
  • Telegram
Новостью поделились: человек

Photo ©  Tengrinews Photo © Tengrinews

The 12th Summit of the Islamic Financial Services Board (IFSB) will take place in Almaty from May 19 to 21, Tengrinews reports citing BNews.kz.

It is the first time the IFSB Summit will be hosted by a post soviet country.

The Summit facilitates dialogue between key players in the Islamic financial sphere. The current IFSB Summit will address issues in Islamic financing, control over Islamic institutions, regional and global cooperation, and plans for development of the sector.

According to the National Bank of Kazakhstan, a memorandum of understanding on conducting the Summit was signed by the National Bank of Kazakhstan and the IFSB on December 21, 2014.

The Summit was conducted for the first time in the UK in 2004. The following IFSB Summits were hosted by Qatar, Lebanon, the UAE, Jordan, Singapore, Bahrain, Luxembourg, Turkey, Malaysia, and Mauritius. The annual meeting is sponsored by central banks or regulatory institutions of a host country. Over 300 delegates from more than 35 countries gather for the annual Summit.

Hosting the event in Kazakhstan will be a step towards promoting Almaty as an Islamic financial hub in the CIS (post soviet space) and Central Asia.

According to the official website, the IFSB “serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance”. “As at December 2014, the 184 members of the IFSB comprise 59 regulatory and supervisory authorities, eight international inter-governmental organisations, 112 financial institutions and professional firms as well as five self-regulatory organisations (Industry Associations and Stock Exchanges) operating in 44 jurisdictions.”

Kazakhstan adopted a law on Islamic Financing in 2009, created conditions for Islamic banks, Islamic investment funds and started issuing Islamic securities. In 2011, another law that allowed issuing state Islamic securities was adopted.

To develop Islamic financing, insurance and leasing, Kazakhstan’s National Bank developed a draft bill introducing amendments and additions into some of its legislations concerning insurance and Islamic financing.

“At the moment, the draft bill is being consideration by the Kazakhstan Parliament. The government approved the Islamic Finance Development Roadmap till 2020 to create favorable conditions for registration of property-related transactions under murabaha, Ijarah, Istisna schemes; and to sign double taxation treaties with countries of South-East Asia and Middle East,” the National Bank website said.

By Gyuzel Kamalova

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