On the invitation of HE Dr. Kairat Kelimbetov, the Governor of the Astana International Finance Center (AIFC), a BIBF delegation comprising of the Deputy Director Dr. Ahmed al Shaikh and Head of Islamic Finance Centre Mr. Mujtaba Khalid visited Kazakhstan. During the meeting, it was agreed to have closer ties between the BIBF Islamic Finance Center to facilitate the AIFC as a hub of Islamic finance for the greater CIS region. The BIBF Islamic Finance Centre shall be facilitating the AIFC Academy to build capacity in Islamic finance both within and for the larger Kazakh banking sector.
The government of Kazakhstan through the AIFC is pushing to be a leader in Islamic Finance in the CIS region. Governor Kairat said that the BIBF and the AIFC Academy should work together to build capacity among the AIFC members as well as the greater financial industry in Kazakhstan and CIS countries.
On this occasion, the BIBF’s Deputy Director Dr. Ahmed AlShaikh said, “We are proud to be working with our partners, in Kazakhstan through the Astana International Finance Centre (AIFC) to facilitate Islamic Finance growth to offer training and development opportunities.”
Dr. Ahmed also added, “The growth in Islamic Finance in many regions of the world during the last decade has been both significant and rapid, and has provided both individuals and businesses with the possibility of raising capital on a risk-shared basis rather than the more conventional debt finance.”
Kazakhstan, along with other Central Asian countries has also experienced significant growth in Islamic Finance, both at personal and business level, and the stage is set for Islamic Finance to grow and to diversify into a major form of development finance. Some experts predict that the potential market size for Islamic financial instruments can easily reach USD 10BN within several years.
In November last year, the Bahrain Institute of Banking and Finance (BIBF) signed a Memorandum of Understanding with the Astana International Financial Centre (AIFC), Republic of Kazakhstan, to develop and strengthen cooperation and training and development programmes between the BIBF and the AIFC by interchanging information and expertise in relation to teaching, research and thought leadership in Islamic Finance.
As a professional world-class provider of education and training solutions to the financial sector, the BIBF continues to provide training opportunities through partnerships with organisations such as the AIFC, a financial hub for Central Asia, the Caucasus, EAEU, the Middle East, West China, Mongolia and Europe, to enable the BIBF in reaching greater strides.