ASTANA ( WNAM MONITORING ): The Islamic Finance and Business Forum, held on May 19 at the Astana International Financial Centre (AIFC), gathered over 200 participants from Kazakhstan, Central Asia, and the Commonwealth of Independent States (CIS), reported the AIFC’s press service.
The event marked a key step in advancing Islamic finance in the region, building cross-border partnerships, and recognizing women leaders in the industry.
During the forum, several memoranda were signed to strengthen collaboration. The AIFC Authority and Silk Way Alem, a Kazakh business representative in Nigeria and co-founder of the Nigeria-Kazakhstan Business Council, agreed to promote Islamic banking and position the AIFC as a hub for Islamic financial institutions from African countries. Their cooperation will also include organizing business visits, joint events, and knowledge exchange.
Other agreements were signed between the Association of Islamic Finance and Business (AIFB) and the Association of Islamic Property Developers of Kazakhstan, the AIFB and Compliance Hub, and between ITS and the Zakat Charity Fund. These cover areas such as halal standards in construction, compliance culture promotion, and expertise exchange.
Islamic banking is a system of financial services based on Sharia: no interest on loans, no speculation and no investments in haram areas, and ethical trade and partnership contracts.
Several developments in the sector were discussed during the forum. According to UlysMedia, Al Safi Bank is preparing to launch new Islamic deposit products.
The potential introduction of Islamic Windows in conventional banks was also explored. Experts welcomed regulatory support, though they voiced concerns around public understanding of Islamic finance principles. It was also pointed out that specialists with Islamic finance expertise will become increasingly valuable in the labor market as the sector grows.
The forum also focused on strategies to promote halal-certified products and the growing potential of Islamic fintech. It was noted that digital solutions based on Islamic finance principles are in demand not only in Muslim countries, offering Kazakhstan an opportunity to export its fintech innovations.
A major highlight of the event was the WOMANi Awards ceremony, held for the first time in Kazakhstan. Organized by Cambridge IFA (United Kingdom), the awards recognized women who have made a significant impact on the development of Islamic finance and business in Central Asia and the CIS.
