IFC Astana, IDB Group signed memo of mutual understanding and coop

ASTANA. KAZINFORM The International Financial Centre Astana and the Islamic Development Bank entered into a memorandum of mutual understanding and cooperation yesterday, 28 April 2016, in Astana. The document was signed by Chief of IFC Astana Kairat Kelimbetov and Head of the IDB Group Ahmed Mohamed Ali Al-Madani.

The document is aimed at creation of foundation for strengthening cooperation with the IDB Group for further development of Islamic financing in Kazakhstan and CIS countries.

The IDB will render the following technical assistance to the IFC Astana, as the memorandum: in elaboration of a general master-plan on development of Islamic financing in Kazakhstan and CIS countries; in development of regulatory-legal framework for functioning of Islamic financial institutions in the territory of the IFC Astana; in attraction of international law firms, regulators and sectoral experts, recognized Sharia advisors for providing consultations; in development of human capital and improving financial literacy of the population; application of a unique experience of the IDB Group in Islamic financing sector as well as provision of reverse linkage between the IDB Group member countries and Kazakhstan.

The objective of the IFC Astana is to promote growth and development of financial services in Kazakhstan and in the region, according to international standards and best practice of the world’s leading financial centres. The efforts of the IFC Astana will be concentrated on development of the following areas: capital markets,  management of assets, private banking, Islamic financing and financial technologies.

Taking the above-mentioned into consideration, the cooperation between the IDB Group and IFC Astana is expected to positively impact development of real sector of economy and regional economic and financial integration.

Recall that in December 2015 President of Kazakhstan Nursultan Nazarbayev signed a constitutional law on establishment of the International financial Centre Astana (IFC Astana). The goal of the IFC Astana is to form a world-class leading centre of financial services. The IFC Astana will start its full-fledged functioning in early 2018.

The Islamic Development Bank is the international financial organization based in Jeddah (Saudi Arabia). It was created on 18 December 1973 at the first conference of the Ministers of Finance of the OIC member countries. 56 countries are presently the members of the IDB.