07 September, 2017

President Nazarbayev participated in the Global Awards Ceremony

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​​​​​​​The head of state in his welcoming speech noted that Islamic Finance has become one of the fastest growing industry in the world financial systems, Akorda press office reports.

- The annual turnover of Islamic Finance in the world exceeds $ 2 trillion, demonstrating a threefold increase over the past 10 years. It is expected that in the 2020s it will reach $ 3 trillion", Nursultan Nazarbayev said.

He also emphasized that Islamic financial institutions are not limited to the Muslim countries:

"These financial institutions are widespread in Australia, Great Britain, India, the USA, France, and Japan. A number of world banks of the top 100 already have Islamic divisions in their structures. Since 2009, Kazakhstan has been a leader in the CIS and Central Asia for the implementation of Islamic finance."

In addition, Nursultan Nazarbayev noted that according to the Reuters report for 2015 Kazakhstan has been placed 5th in the ranking on attractiveness for Islamic investments.

- According to the results of the Boston Consulting Group study, the potential volume of Islamic finance assets in Kazakhstan by 2025 could reach $ 23 billion. Thus, the volume of assets of Islamic banks can reach 10% of the entire banking sector, - said the President of Kazakhstan.

Further, the President talked about Islamic institutions functioning in Kazakhstan.  According to him, due to his initiatives, the first Islamic bank Al-Hilal was established in Kazakhstan in 2010. In 2012, the Development Bank of Kazakhstan carried out the first issue of Islamic bonds (Sukuk). Currently, the entire amount of bonds in 240 million Malaysian ringgit has been successfully repaid. In 2018, it is expected to issue state Islamic securities worth up to $ 300 million.

President of Kazakhstan says that financing of social projects, educational and educational activities as an important line of Islamic finance.

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