Astana Financial Center is interested in development of Islamic financing
25 October 2016 16:17

Astana Financial Center is interested in development of Islamic financing

RIYADH. KAZINFORM - Astana International Financial Center and the Islamic Corporation of Private Sector Development have signed a memorandum of understanding and cooperation, the press service of the Financial Center reported.

"During the visit of the delegation of Astana International financial center to the Islamic Development Bank (IDB) headquarters in Jeddah (Kingdom of Saudi Arabia) he met with President of IDB Dr. Bandar Muhammad Al-Hajjar and the executives of IDB affiliate organizations. The meetings resulted in signing of the memorandum of understanding and cooperation between Astana International Financial Center and ICD", - the press service reported.

The signed memorandum will facilitate cooperation in development and exchange of the best practices and knowledge in the field of Islamic financial services, banking activity, the capital markets, asset management, financial technologies and development of a human capital which includes formation of joint professional financial and educational programs, researches, seminars, and also advanced training and cooperation in personnel exchange.

Head of ICD Khaled Al-Abudi emphasized that the goal of the memorandum is to strengthen the relations with Astana IFC through combination of efforts on expansion of financial products and services offered to the private sector and through assistance in development of the industry of Islamic financial services in the ICD member countries. Head Astana IFC through Kayrat Kelimbetov noted that the goal of the international financial center is to assist to growth and development of financial services in Kazakhstan and the region in line with the international standards and world best practiced based on an English law. He also emphasized that one of the purposes of Astana IFC is formation of the regional center of Islamic financing, creation of favorable conditions for functioning and development of Islamic financial institutions.