Islamic Financial Summit Planned in Almaty

almaty_100_copy_1_The Council for Islamic Financial Services plans to conduct a summit Almaty in 2015, Governor of the National Bank of Kazakhstan, Kairat Kelimbetov announced on October 30 during a briefing at the Central Communication Service HQ in Astana, Altynai Zhumzhumina and Dinara Urazova, write for Tengrinews.

“A summit of the Council for Islamic Financial Services will take place in 2015 in Almaty. We expect this will enable us to obtain support for the development of common standards for Islamic financial institutions,” Kelimbetov explained.

A legal accounting framework based on the standards of the Auditing Organization for Islamic Financial Institutions was put together in 2014, Kelimbetov noted. This is similar to the conventional IFRS (International Financial Reporting Standards) financing principles, which Kazakhstan plans to join this year.

“Kazakhstan is a leader in Islamic finance in the region of Central Asia and the CIS. Over the past few years, we have adopted legislation that is unprecedented for the CIS, which regulates the organization and activities of Islamic finance. The government has adopted a roadmap for the development of Islamic finance to 2020. And we became a member of the Council for Islamic Financial Services,” Kelimbetov pointed out.