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ASTANA – The Astana International Financial Centre (AIFC) has established an Islamic Finance Advisory Board, uniting leading global experts from Bahrain, Kazakhstan, Malaysia, Saudi Arabia, Türkiye, and the United Arab Emirates (UAE). The board held its inaugural meeting on Dec. 10 at the Embassy of Kazakhstan in the UAE as part of AIFC Connect Abu Dhabi.
Photo credit: Aifc
The board will serve as a central intellectual hub for advancing Islamic finance in Kazakhstan, providing independent recommendations on legislation, Shariah governance, capital markets, sustainable finance, digital solutions, and international cooperation, reported AIFC press service.
Madina Tukulova, head of Islamic Finance at the AIFC Authority, stated that the establishment of the board marks a significant step toward strengthening the Islamic finance industry in Kazakhstan. She emphasized the role of leading international expertise in setting new standards for quality, transparency, and development, noting that the board’s recommendations will accelerate industry growth and reinforce AIFC’s position as a regional hub for Islamic finance.
Adnan Ahmed Yousif, president and chief executive of Lemrair Consultancy Company W.L.L, described the establishment of the board as a strategic milestone for strengthening the institutional foundations of Islamic finance in the Eurasian region. He noted Kazakhstan’s strong potential to advance ethical and sustainable financial solutions and highlighted the Board’s role in shaping the industry’s future direction.
During its first meeting, members discussed the current state of the Islamic finance industry, existing growth barriers, and Kazakhstan’s potential to become a leading center for Islamic finance. Strategic priorities for 2026-2028 included launching new Islamic financial products, expanding participation of international institutions, strengthening the jurisdiction’s investment attractiveness, and improving AIFC’s Shariah governance system.
Members supported implementing a comprehensive Shariah governance policy aimed at enhancing expert evaluation of Islamic financial products, standardizing requirements for Shariah advisory bodies, and ensuring transparency in decision-making procedures. This work is expected to strengthen investor confidence and ensure adherence to internationally recognized Islamic finance standards in Kazakhstan.
The board also reviewed Kazakhstan’s potential for green and socially oriented Islamic instruments, including opportunities to issue green and ESG (Environmental, Social, and Governance) sukuk.
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