About Us

       “Istisna’a Corporation” LLP (hereinafter referred to as the “Company”) was established on the 11th September 2009 as an initiative of a team of dedicated professionals who were motivated by a noble intention to introduce new alternative modes of financing based on the principles and rulings of Shariah to a broad audience in the Republic of Kazakhstan. Therefore, the Company’s everyday activity is being planned and implemented in a way that allows the accomplishment of the following pioneering mission:

        “To contribute to the development of the Islamic financial industry in the Republic of Kazakhstan by providing high quality consulting and advisory services on building of the necessary market infrastructure, promotion of export-import operations, attraction of direct investment and on systematic introduction of new alternative Shariah-compliant modes of financing to the economy of the state”.

       In order to fulfil this mission, the Company strives to arrange its work in the most efficient way by bringing in the principles of fairness, ethical attitude, transparency, timeliness and due-diligence to its operating.

       The Company’s activities include:

  1. Basic information: analytics; digest dissemination; social networking; interview/articles; books/ brochures on Islamic finance (local publication (translated into Russian) of “Handbook of Islamic Banking” (by K.Hassan and M.Lewis)); web-site maintenance (www.istisna.kz); brand-owner of the annual Kazakhstan Islamic Finance Conference (2010-2012) (the recognized top dialogue platform).
  2. Education: seminars / courses on different topics of Islamic finance with the Islamic Research and Training Institute (IRTI), the Islamic Corporation for the Development of the Private Sector (ICD), the Bahrain Institute of Banking and Finance (BIBF), the University of New Orleans and local Universities.
  3. Instruments: working out and implementing various Shariah-compliant financial products (such as payment cards, takaful (with the MIS “Halal insurance “Takaful”, Almaty city), mortgage (with State Real Estate Fund)); promoting Islamic investments into Kazakh economy; exports (wheat, technological products, pharmaceuticals).

       The Company’s activity does not violate in any sense the existing constitutional principles of the secular government. At the same time, the Company carries out its work in full compliance with the rulings of Shariah.

        “Istisna’a Corporation” LLP has actively participated at all the stages of establishment of the Islamic financial industry in the Republic of Kazakhstan in close and effective cooperation with public authorities (Ministry of Industry and New Technologies, Ministry of Economics and Budget Planning, Ministry of Tourism and Sport, JSC “National Export and Investment Agency “Kaznex Invest” and the JSC “Economic Research Institute”) as well as with private sector firms.

       Since its establishment in September 2009, the Company has hosted a number of educational events and conferences on Islamic finance themes, including the following:

       March 2009 – Islamic finance panel session within the framework of the II Astana Economic Forum, conducted in cooperation with the Islamic Research and Training Institute (IRTI).

       March 2010 – I Kazakhstan Islamic Finance Conference (KIFC) in a format entitled “The Power of Dialogue”, conducted in cooperation with the Ministry of Industry and Trade of the Republic of Kazakhstan and a “Vip Promotion” company.

       March 2010 – seminar “Introduction to AAOIFI Accounting Standards”, conducted in cooperation with the invited specialists from Bahrain Institute of Banking and Finance (BIBF).

       June 2010 – 3-day course “Islamic financial engineering” delivered by Professor Kabir Hassan from the University of New Orleans.

       July 2010 – international conference entitled “The Mechanisms of Regulation of the Islamic financing in the post-crisis period” within the III Astana Economic Forum.

       September 2010 – on the Company’s initiative there was issued the 1st book on Islamic finance in the Republic of Kazakhstan called “A Handbook of Islamic Banking” (by K. Hassan and M. Lewis, publishing rights acquired from Edward Elgar Publishing Ltd.) in Russian language at the edition amount of 3,000 units. This is the first ever local publication of consequent articles collection by famous authors and is our effort to spread up the general information on Islamic finance in all post-Soviet area.

       March 2011 – IIKazakhstan Islamic Finance Conference (KIFC) entitled “Development of the Islamic capital market in the Republic of Kazakhstan and the CIS region” under the auspices of the Ministry of Industry and New Technologies of the Republic of Kazakhstan and in cooperation with the JSC “National Export and Investment Agency”.

       January – June 2011 – conducting of organizational arrangements prior to and during the VII World Islamic Economic Forum (WIEF) in cooperation with the WIEF Fund.

       June 2011 – business-lunch for local businessmen, hosted in cooperation with the Islamic Corporation for the Development of the Private Sector (ICD).

       July 2011 – short-term summer course “The Basics of Islamic finance”, conducted in cooperation with the Islamic Research and Training Institute (IRTI) for university teachers (total 25 teachers).

       December 2011 – in cooperation with Malaysian consulting law firms “AAA Consulting” and “Azmi & Associates” holding of a two-day workshop called “Legal Aspects of Islamic Finance Documentation” in the premises of the Academy of Public Administration under the President of Kazakhstan. The workshop has been attended by 30 participants – representatives of the Ministry of Finance of the Republic of Kazakhstan, of the Investment Committee of the Ministry of Industry and New Technologies of the Republic of Kazakhstan, of the Ministry of Education and Science of the Republic of Kazakhstan and representatives of national companies and financial institutions. There were also participants who arrived from the Republic of Bashkortostan (Russian Federation). Mr. Ahmad Lutfi Abdull Mutalip from “Azmi & Associates” was a speaker of the workshop.

       On 15th February 2012 “Istisna’a Corporation” LLP in cooperation with an Islamic bank “BNP Paribas Nahmah” (www.bnpparibas.bh), the Islamic International Rating Agency (IIRA, http://www.iirating.com/) and a leading international legal practice “Norton Rose Group” (http://www.nortonrose.com/) hold a one-day pilot professional master-class (workshop) called “Sukuk certificates in Kazakhstan and worldwide” under the aegis of the Ministry of Industry and New Technologies. The venue was “Radisson Hotel Astana”, Saryarka-3 Hall.

       Mission of this pilot event was to facilitate the implementation of Orders # 61-17.307 as of 20.10.2011 by the Head of State N.A. Nazarbayev on development of Islamic financial industry in Kazakhstan. According to these Orders, 9 key tasks were entrusted to be executed.

       Task # 8 says: “Till March 30, 2012 identify relevant industrial projects and organize their Sukuk issuance”.

       It is assigned to 9 state and public institutions, namely: Ministry of Industry and New Technologies, Sovereign Wealth Fund «Samruk-Kazyna», “KazAgro” National Holding”, Ministry of Agriculture, Ministry of Transport and Communications, Ministry of Finance, Ministry of Economic Development and Trade, Association of Financiers of Kazakhstan, Association for Development of Islamic Finance of the Republic of Kazakhstan (ADIF RK).

       The first ever Sukuk workshop in Kazakhstan was to share with interested local project sponsors and financiers detailed knowledge and technical skills on how to structure Sukuk transactions by global experts who have in explicit:

       1) illustrated the whole chain of Sukuk structuring (A-to-Z) upon success stories and several selected new projects;

       2) demonstrated Shariah compliance rules and rating procedures;

       3) presented legal basics of Sukuk transactions.

       The workshop has been attended by 40 persons – representatives of ministries, national holdings, the Nationall Bank and of Islamic financial entities. The experts team comprised of one Sukuk expert from Islamic bank “BNP Paribas Najmah”, two rating specialists from the IIRA and two lawyers from the law firm “Norton Rose Group”.  The workshop moderator was Honorable Chairman of the Supervisory Board of “Istisna’a Corporation” LLP -  Dr. Adalet Djabiev.

       During period 21.05.2012 – 23.07.2012 the Company has performed as a Consultant within the “Microfinance to Rural Communities Project” of the “Fund for Financial Support of Agriculture” JSC (hereinafter referred to as the “FFSA”, www.fad.kz) financed by the Technical grant of the Islamic Development Bank. Within the consultancy services the Company has developed a thorough methodology on introduction and integration of modes of Islamic microfinance into the FFSA’s current activity. Initially the Consultant has offered 7 Shariah-compliant microcrediting modes (Musharaka, Mudaraba, Ijarah wa Iqtina, lease-back Ijarah, forward Ijarah, Murabaha and Salam) to be introduced into the FFSA’s activity. However, the FFSA has chosen only two of them  – Salam and Murabaha – for pilot project to be implemented in three regions: Pavlodar, Shymkent and Aktobe.

       On 14.08.2012 – 19.08.2012 the Company representative Dr. Adalet Djabiev delivered one-day comprehensive Islamic microfinance workshops on “Issues of practical implementation and promotion of the FFSA’s Islamic microloan products” to the FFSA’ loan officers,   lawyers and accountants in three branches in the abovementioned cities (Pavlodar, Shymkent and Aktobe) within the realization of the FFSA’s pilot project.

       On 1st October 2012 “Istisna’a Corporation” LLP in cooperation with the Presidium of AIFD (Assotiation for Islamic Finance Development) and the Ministry of Industry and New Technologies of the Republic of Kazakhstan organised the III annual Kazakhstan Islamic Finance Conference (KIFC 2012) at Radisson Hotel, Astana. On 2 October, 2012, the Company actively participated in the organisation of the investment-conference “IDB-day” attended by H.E. the IDB’s President Dr. Ahmad Mohamed Ali Al Madani. On 3 October, 2012, the Company organised one-day ICIEC workshop in the premises of the National Export & Investment Agency KAZNEX INVEST.

       The Company has signed Memorandums of Understanding with the Islamic Finance Advisory and Assurance Services (IFAAS) and with the international economic publishing house “Edward Elgar Publishing House” (London, the UK).

       Also, several strategic partnership agreements have been achieved with some of the prominent islamic financial companies, including the international islamic financial company “Al Shams Capital Group” (Moscow city, the Russian Federation) and a number of Kazakhstani companies, namely: a trade investment company “Badr Finance & Investment” LLP (Astana city, the Republic of Kazakhstan), JSC “Fattah-Finance” and “Fattah-Education” LLP (Almaty city, the Republic of Kazakhstan), “Halal Insurance “Takaful” MIS (Almaty city, the Republic of Kazakhstan) and the “MCO “Al-Mudarib Finance” LLP (Kokshetau city, the Republic of Kazakhstan).

       The Company as well holds membership at the Presidium of the Association for Islamic Finance Development (AIFD) (Almaty city, the Republic of Kazakhstan), which serves to unite and promote the interests of member Kazakhstani Islamic financial private companies.

       On 23d November 2011 the Company’s membership application was officially approved (Ref.: SG/570) by the Federation of Consultants from Islamic States (FCIC, Istanbul, Turkey).

       The Company is well promoted and maintains a world-wide networking with Global Islamic Finance Industry (international institutions, banks, takaful companies, investment funds, consultancies, event-makers) and general business community. It has a certain governmental support.

       The successful establishment of “Istisna’a Corporation” LLP as a pioneer Islamic finance advisory firm in the Republic of Kazakhstan is due to the devoted hard work of the Company’s professional team, who do their best and contribute all the passion and expertise to build a competitive and an efficient Shariah-compliant financial system that will not come in conflict with the existing secular legislation of the Republic of Kazakhstan.  The Honourable Chairman of the Supervisory Board is Dr. Adalet Djabiev.

       The Company’s address is:

       Office 116,

       12/1 Konaev Str.,

       Astana city,

       Republic of Kazakhstan.

       Postal code: 010000

       Telephone: + 7 717 2 500 669

       Company’s web-site: www.istisna.kz.

       For any queries and proposals – please contact:

       info@istisna.kz

       pr@istisna.kz