National Bank of Kazakhstan becomes AAOIFI member

The National Bank of Kazakhstan, the central bank and financial services regulator of the Republic of Kazakhstan, has taken up membership in Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The signing ceremony took place on 2 December at the World Islamic Banking Conference 2014 in Manama, Kingdom of Bahrain.Dr Hamed Hassan Merah, Secretary General of the AAOIFI, said the membership would allow AAOIFI to work more closely with the National Bank of Kazakhstan and the finance industry in the Republic of Kazakhstan to support continuing development of Islamic finance.

Nurlan Kussainov, Deputy Governor, Bank of Kazakhstan said, "The membership gives us an opportunity to gain from the international experience in development of Islamic finance industry, to benefit from recommendations of international experts and financial institutions, and to participate in workshops and conferences organised by AAOIFI”.

The Republic of Kazakhstan introduced in early 2009 law and regulations for operations of Islamic financial institutions. This then led to establishment of the first Islamic bank (Al Hilal) and the first Islamic insurance (takaful) company in 2010. The Development Bank of Kazakhstan then became the first sukuk issuer in the Central Asia region with its sukuk al murabaha issuance in July 2012, denominated in Malaysian ringgit at the equivalent amount of approximately US$76.7 million (RM240 million). Earlier in 2014, the first Islamic leasing (ijarah) company was set up in the Republic of Kazakhstan through participation of the Islamic Corporation for Private Sector Development, a member of the Islamic Development Bank Group.

AAOIFI is a leading international Islamic finance industry development body primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 88 standards in the areas of shari’ah, accounting, auditing, ethics and governance for international Islamic finance. 

It is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.

AIBIM to organise fourth Global Islamic Finance Forum in KL

The Association of Islamic Banking Institutions Malaysia (AIBIM) will organise the fourth Global Islamic Finance Forum (GIFF 2014) in Kuala Lumpur from 2 to 4 September 2014 in support of Malaysia International Islamic Financial Centre (MIFC) initiatives.

Themed "Marketplace for Global Linkages", this forum aims to discuss the opportunities that Islamic finance can offer the global financial community by bringing together global Islamic financial industry players, market participants, shari'ah scholars and regulators.

Events at GIFF 2014 include a Regulators Forum, International Islamic Capital Markets Forum, Islamic Banking & Finance Conference, CEOs Dialogue (Banking and Takaful), Executive Master Class, Islamic Finance Colloquium, and Islamic Venture Capital & Private Equity Symposium. Fringe events will include exhibitions from local and international organisations, networking sessions and private business meetings.

In view of the growing global interest in Islamic finance, GIFF 2014 is expected to draw interest from chairmen, CEOs and top level management local and international participants from the Middle East, European and Asian countries.  

Supporting organisations for the event include Bank Negara Malaysia, the Securities Commission Malaysia, Malaysian Takaful Association (MTA), International Centre for Education in Islamic Finance (INCEIF), International Shariah Research Academy for Islamic Finance (ISRA) and IBFIM, an industry-owned institute dedicated to training personnel for the Islamic finance industry.
 
Attendance is by invitation only but open to those who register online and have an active interest in the industry. Click here to register.