Chronicle of the development of Islamic finance in Kazakhstan
- On the 12th of February, 2009 the Law of the Republic of Kazakhstan “On amendments and additions to some legislative acts of the Republic of Kazakhstan on the organization and activities of Islamic banks and Islamic finance” has been adopted;
- On the 7th of June, 2009 the Law of the Republic of Kazakhstan “On Ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the United Arab Emirates on the opening of the Islamic Bank in the Republic of Kazakhstan” has been signed. The law served as the basis for the establishment of the first Islamic bank in the country - JSC “Al Hilal Bank” (100% subsidiary of Al Hilal (UAE));
- The annual Address of the President of Kazakhstan dated January 29, 2010 “New Decade - New Economic Growth - New Opportunities”:
“...We need to get to work the local stock market, which by 2020 should become regional centre of Islamic banking in the CIS and Central Asia and enter the top ten leading financial centres in Asia”. - Strategic Plan for the Development of Kazakhstan until 2020, approved by the Decree of the President of the Republic of Kazakhstan no. 922, dated February 1, 2010:
“...As a part of the formation of a full-fledged stock market of Kazakhstan and its integration with the international capital market the Regional Financial Centre of Almaty city will develop further. From a strategic perspective the state will create the necessary conditions for the development of a competitive financial centre of Almaty city that meets international standards, and its entrance in a top ten financial centres in Asia.
… By 2020, domestic stock market will become a regional centre of Islamic banking among the countries of the Commonwealth of Independent States and Central Asia”. - Conception of the development of financial sector of Kazakhstan at post crisis period, approved by the Decree of the President of the Republic of Kazakhstan no. 923, dated February 1, 2010:
“...Further work on implementation … of the Plan of the development of Regional Financial Centre of Almaty city until 2015, approved by the Government of Kazakhstan no. 90, dated January 30, 2009, will be continued ... As one of the additional sources of resource mobilization Islamic finance will be developed further ...” - August 2010 – Agency of the Republic of Kazakhstan on Regulation of Activities of the Regional Financial Centre of Almaty city in cooperation with the government bodies of the Republic of Kazakhstan approved the Roadmap for the development of Islamic finance in Kazakhstan for 2010-2012;
- Speech of the President of the Republic of Kazakhstan at the 38th session of the Council of Foreign Ministers of the Organization of Islamic Cooperation (28th of June, 2011):
“Islamic Bank was opened in Kazakhstan. We actively promote Islamic finance and the creation of benchmark for Islamic financial instruments in the region. I suggest to ... develop Almaty city as a regional financial centre, where Islamic finance is being used”; - October 2011 – orders of the President of Kazakhstan on the development of Islamic finance in Kazakhstan no. 61-17.307, have been issued;
- November 2011 – National Bank of Kazakhstan was admitted to the Islamic Financial Services Board (IFSB) as an associate member;
- March 2012 – Decree of the Government of the Republic of Kazakhstan no. 371 approved the Roadmap on development Islamic finance in Kazakhstan until 2020;
- July 2012 – JSC “Development Bank of Kazakhstan” issued debt securities in accordance with the laws of Malaysia (Sukuk “al-Murabaha”) in the amount of 240 million Malaysian ringgit (about 76.7 million USD), 38% of which was distributed among the Kazakhstani investors;
- June 2014 - Technical assistance grant agreement between the National Bank of Kazakhstan and Islamic Development Bank has been signed;
- June 2014 - NBK with IFSB held the international seminar and workshop "Prospects for the development of Islamic finance in Kazakhstan" for the CIS and EurAsEC countries;
- September 2014 - the Kazakhstan Islamic Finance Conference (KIFC);
- September 2014 - the round table "Development and regulation of Islamic financial institutions" for the regulators of the CIS and Central Asia;
- October 2014 – The President of the Republic of Kazakhstan received the Global Islamic Finance Leadership Award (GIFA) for world leadership in the field of Islamic Finance;
- October 2014 – Governor of the National Bank of Kazakhstan participated in the World Islamic Economic Forum (WIEF) in Dubai, United Arab Emirates;
- November 2014 – The British Embassy in Kazakhstan organized a seminar on Islamic Finance for representatives of the National Bank and Islamic financial institutions;
- December 2014 - Deputy Governor of the National Bank of Kazakhstan participated at the World Islamic Banking Conference (WIBC) in Manama, Bahrain;
- December 2014 – the National Bank of Kazakhstan became the Observer Member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Islamic Financial Market (IIFM);
- February 2015 – the National Bank of Kazakhstan with CIBAFI held the seminar «Certified Islamic Banker» in Almaty;
- March 2015 – the National Bank of Kazakhstan held the seminar with Daud Bakar in Almaty;
- April 2015 –- the contract for consulting services was signed between the NBK and one of the leading international legal consulting company in the framework of Islamic Development Bank technical assistance;
- April 2015 - the Law providing Takaful and Ijara, the recognition of "commodity murabaha" as a banking transaction, tax administration, banking operations of an Islamic bank, procedures of Wakala (acceptance of deposits) in Islamic banks has been adopted;
- May 2015 - the National Bank of Kazakhstan held the 12th IFSB Summit in Almaty;
- May 2015 – the National Bank of Kazakhstan jointly with ADIF prepared Islamic finance brochure;
- June 2015 - the National Bank of Kazakhstan held customized seminars with IRTI in Astana and Almaty;
- November 2015 - the Law providing structure of government Islamic securities issuance and conversion conventional bank into Islamic has been adopted;
- December 2015 - interview of the President of the Republic of Kazakhstan concerning Islamic finance in Kazakhstan was issued in the Isfire magazine;
- December 2015 - Kazakhstan Islamic Finance Country Report prepared be IRTI, Thomson Reuters and CIBAFI was launched on the World Islamic Banking Conference 2015.
