Islamic Financial Services Council holds meeting at AIFC

NUR-SULTAN. For the first time in the CIS and Central Asia, from July 22-26, 2019, a week of the Islamic Financial Services Board (IFSB) events is taking place at the AIFC in Nur-Sultan city. The IFSB is an international body that develops standards for the effective oversight and regulation of Islamic financial institutions, AIFC press service informs.

Several events are held throughout the week, including the meeting of the IFSB Technical Committee, which includes representatives of central banks and regulators of the IFSB member countries, meetings of the IFSB working groups on investor protection in the Islamic capital market and creating an effective system of guaranteeing Islamic deposits.

AIFC Governor Kairat Kelimbetov notes: «Islamic financing is one of the priorities of the AIFC. The AIFC has created the necessary legal and regulatory framework that complies with the best international practices and standards, including the IFSB standards. Such events help raise awareness of Islamic finance and are a platform for dialogue between regulators and representatives of the Islamic financial market.»
The event is attended by representatives of about 20 countries, including the UAE, Oman, Saudi Arabia, Brunei, Malaysia, Qatar and others.

In 2017, the AIFC became a full member of the IFSB, which made it possible to obtain effective assistance in the development of uniform standards for Islamic financial institutions. The legal framework of the AIFC on Islamic finance has been developed in accordance with international best practices and IFSB standards.
For the further development of Islamic finance legislation, the AIFC representatives were included in the Technical Committee and the working groups on the development of IFSB standards.
Hosting such events can strengthen the role of the AIFC as a Hub on Islamic finance and business, raise awareness of Islamic finance, and create a platform for dialogue between the IFSB, regulators and representatives of the Islamic financial market.

AIFC. In December 2015, the First President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law on the establishment of the Astana International Financial Center (AIFC). The goal of the AIFC is to create a leading center of financial services at the international level. The objectives of the AIFC are to assist in attracting investments into the country's economy by creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets.

As part of its responsibilities, the IFSB develops prudential standards for the entire Islamic financial industry (banking, insurance, capital market), and also publishes standards for the supervision and regulation of Islamic finance. AIFC became a full member of this Organization in 2017.