Economy • 21 May, 2019

The tripartite Memorandum on the Development of Islamic Finance signed during the AIFC panel session

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The Memorandum of Understanding was signed between the Astana International Financial Centre, Hamad Bin Khalifa University (Qatar) and Al-Farabi Kazakh National University during the panel session «Financial Connectivity: The Role of Financial Centres in XXI century».

The purpose of cooperation is the formation and development of joint educational and research initiatives in the sphere of Islamic finance, aimed on continuing professional development in order to raise the competences of human capital, as well as academic exchange of professors and students.

The parties intend to jointly develop educational programs on Islamic finance on the basis of the Centre for Islamic Finance opened at the Al-Farabi Kazakh National University and the AIFC Bureau (BCPD, Ltd.).

The Memorandum was signed - by the AIFC, the Kairat Kelimbetov - AIFC Governor, Ahmad Hasna – president of Hamad Bin Khalifa University, Galimkair Mutanov -  Rector of Al-Frabi Kazakh National University.

Kairat Kelimbetov, AIFC Governor: «The memorandum will start the growth in the financial and educational sectors for all three parties. Islamic finance is part of the Islamic economy, which is rapidly developing in the world market. As a part of the MOU, we intend to prepare professionals to work in the sought-after specialization.

The AIFC creates a favorable ecosystem for the development of Islamic finance and this area is one of the main priorities of the AIFC. It is also worth noting that the initiatives undertaken by the AIFC in promoting and developing Islamic finance have improved Kazakhstan’s position in the Islamic Finance Country Index ranking from 31st in 2017 to 24th in 2018 according to the Global Islamic Finance Report.»

Galimkair Mutanov, rector of the Al-Farabi Kazakh National University:“The initiated work between universities will be expanded through a range of short and medium-term courses for Kazakhstani teachers, including on-line programs. Also, we will continue Joint research activities and certification training of specialists to expand the Islamic finance sector. The signing of the trilateral MOU is not only the starting point for the training of highly qualified specialists in the field of Islamic finance at the largest university in Kazakhstan, but also continues the fruitful collaboration already begun by all participants in the triumvirate.”

Ahmad Hasna, President of the Hamad Bin Khalifa University:“This strategic partnership will bring results to all parties. The professors of our university will be able to support the initial launch of the Islamic financial centre at the KazNU, bringing all the experience, knowledge and best practices into the classes, because Islamic finance and Islamic banking has originated in Qatar since the 1990s. In addition, trainings are being launched to train trainers to support all Islamic aspects of the international financial center Astana. We look forward to organizing and launching collaboration.”

This memorandum will allow to prepare high-quality human capital in the field of Islamic finance, capable of working with the requirements of Sharia. The parties of the triumvirate are given the opportunity to become a driver for the development of this sector of the financial architecture not only of Kazakhstan, but also of the Central Asian region.

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