President of the Republic of Kazakhstan on IF Development

       12 February 2009 - Adopted the Law of the Republic of Kazakhstan “On amendments in some legislative acts of the Republic of Kazakhstan regarding issues of organization and activity of Islamic banks and organization of Islamic financing”.

       7 June 2009 – The Kazakh Senate adopted the Law “On ratification of the Agreement between the Kazakh Government and the Government of the United Arab Emirates on opening of the Islamic Bank in Kazakhstan”  – which has served as a basis for establishing of the “Al Hilal” Islamic Bank” JSC.

       29 January 2010 - In his annual address to the People of Kazakhstan «A New Decade, a New Economic Growth, and New Opportunities for Kazakhstan» the President of the Republic of Kazakhstan Nursultan Abishuly Nazarbayev has clearly defined the goal: 

       “It is necessary to make the domestic stock market work, which by 2020 will be the regional center of Islamic banking in the CIS and Central Asia, and will enter the top 10 financial centers in Asia”.

       7-9 June 2011 –  the 7th World Islamic Economic Forum in Astana city held under agenda: “The Global economic development: relationship, competition and cooperation”. In his speech at the Forum H.E. Kazakhstan President Nursultan Abishuly NAzarbayev has indicated 5 priority initiatives for Kazakhstan. In order to support small and medium enterprises (SME) it was proposed to convene a WIEF ad hoc working group and discuss on the forum platform the creation of a special fund of SMEs under the Islamic Development Bank (IDB) and pay special attention to the development of Islamic finance as on a national, so on a regional scales:

       - We are interested in the cooperation with the Islamic countries in terms of attracting Islamic finance instruments. According to expert estimates, growth potential of Islamic investment in Kazakhstan in the short term may reach tens of billions of dollars, – the President has highlighted.

       28 June 2011 – in his address at the 38th OIC Council of Foreign Ministers the President of Kazakhstan Nursultan Nazarbayev has emphasized:

       “The creation of support system for small and medium enterprises within the OIC is a promising direction.

        We propose to establish a Special Fund for small and medium businesses under the Islamic Development Bank.

       The global economic crisis has shown that the Islamic financial and economical model is stable and viable.

       One of the useful and effective products that the Ummah can offer the world is the system of Islamic financing.

       Kazakhstan opened the Islamic bank.

       We are actively promoting the Islamic financing and creation of benchmarking in the area of Islamic finance instruments in the region.

       I propose that an international conference on Islamic banking takes place in Almaty, as well as to develop Almaty as a regional financial centre that is actively engaged in Islamic finance”.

       22 July 2011 – In order to increase the number of potential local Sukuk arrangers and to facilitate the development of the Sukuk market in Kazakhstan there was adopted a Law “On amendments to certain existing Kazakhstan legislation related to Islamic financing”, which allows legal entities – the residents of the state to issue Sukuk certificates  in accord with the Kazakhstan National Bank’s requirement.

       20 October 2011 – Issued President’s Order № 61-17.307 on development of Islamic financial system in Kazakhstan. 9 basic tasks are identified to be implemented by all involved governmental bodies.

       29 March 2012 – a Roadmap on Islamic Finance Development in Kazakhstan till 2020 is approved a by the President’s decree № 371 as of 29 March 2012.

       2 October 2012The President expressed satisfaction with the level of partnership with the Islamic Development Bank and its support provided to the country’s economy.

       “We are interested in our further cooperation. Kazakhstan was the first among the CIS countries to develop a partnership program with your Bank. It is an example of the high level of our cooperation. The industrial innovative program which we nowadays implement creates great opportunities for bilateral cooperation,” Nursultan Nazarbayev said.

       President of the Islamic Development Bank Ahmad Mohamed Ali Al-Madani thanked the head of state for the meeting.

       “I want to inform you on the signing of the program of partnership with Kazakhstan. Undoubtedly, it will strengthen cooperation between Kazakhstan and the Islamic Development Bank. All this will lead to deepen the cooperation between your country and the Organization of Islamic Cooperation member states, particularly in the energy sphere, in the field of construction of roads and railways,” Ali Al-Madani stressed.

       The parties also discussed the ways of further strengthening of mutual cooperation. The main emphasis was laid on the creation of Centre of Innovations and the Foundation for Food Safety between the countries-members of the OIC, as well as the development of the city of Almaty as a regional center for Islamic finance.

       The main objective of the Bank’s activities based on the principles of Islamic law is to promote economic development and social progress in the countries-members of the IDB and Muslim communities in different countries of the world.