So if we speak about the Islamic Finance in Kazakhstan and the CIS region we can say that there is a very big demand for the Islamic financial products within the nations in this region.
And particularly, the Kazakhstan is leading in terms of the legislation.
It has developed the full legislation allowing for the Islamic banks, the Takaful companies which wants to make activities in this region and the legislation is developed for issuing Sukuk in Kazakhstan.
And now there is a very big initiative of Astana International Financial Center, which is working very close with the DIFC (Dubai International Financial Center) and it will be the similar platform to develop Islamic finance products and which can be the hub for the region to attract and to develop the Islamic Financial products.
Islamic Finance in Kazakhstan
And now according to the legislation the Kazakhstan has few banks, Islamic banks, and few leasing companies, the Ijarah companies and the Kazakhstan has issued Murabahah Sukuk in 2012 by the Development Bank of Kazakhstan and with coming this two years we are expecting two or three Sukuks to be issued by the Kazakhstani entities.
And the other states like Russia, is also working in this direction, especially the Tatarstan, which is in Russian Federation is one of the leaders in developing Islamic Financial products and legislation. And these works are on the way.
And Azerbaijan, Kyrgyzstan, Tajikistan they all are in the process of developing some legislation. In this regard, Kyrgyzstan has special decree by the president and the working Islamic bank as a model.
So, in general if we speak there is a huge territory that more than 200 million population, which is now going towards developing the legislation for the Islamic financial products.
And these market in coming 5 or 10 years might be very attractive for the Islamic, International Islamic Financial Institutions.
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