Economy • 24 July, 2019

The Council on Islamic Financial Services is holding a meeting at the AIFC

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For the first time in the CIS and Central Asia, from July 22-26, 2019, a week of the Islamic Financial Services Board (IFSB) events is taking place at the AIFC in Nur-Sultan city. The IFSB is an international body that develops standards for the effective oversight and regulation of Islamic financial institutions, reports the press service of AIFC.

Several events are held throughout the week, including the meeting of the IFSB Technical Committee, which includes representatives of central banks and regulators of the IFSB member countries, meetings of the IFSB working groups on investor protection in the Islamic capital market and creating an effective system of guaranteeing Islamic deposits.

AIFC Governor Kairat Kelimbetov notes: “Islamic financing is one of the priorities of the AIFC. The AIFC has created the necessary legal and regulatory framework that complies with the best international practices and standards, including the IFSB standards. Such events help raise awareness of Islamic finance and are a platform for dialogue between regulators and representatives of the Islamic financial market.”

The event is attended by representatives of about 20 countries, including the UAE, Oman, Saudi Arabia, Brunei, Malaysia, Qatar and others.

In 2017, the AIFC became a full member of the IFSB, which made it possible to obtain effective assistance in the development of uniform standards for Islamic financial institutions. The legal framework of the AIFC on Islamic finance has been developed in accordance with international best practices and IFSB standards. 

For the further development of Islamic finance legislation, the AIFC representatives were included in the Technical Committee and the working groups on the development of IFSB standards.

Hosting such events can strengthen the role of the AIFC as a Hub on Islamic finance and business, raise awareness of Islamic finance, and create a platform for dialogue between the IFSB, regulators and representatives of the Islamic financial market.

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