Episode 33-Islamic Finance: Kazakhstan's Next Frontier

Since 2009, Kazakhstan has been integrating Islamic finance into its economy to attract foreign investment and diversify its financial sector. Leading this effort is the Astana International Financial Centre, or AIFC, which aims to make Kazakhstan a financial bridge between East and West. 

With its strategic location and a growing Muslim population, Kazakhstan is keen to tap into the $4 trillion global Islamic finance market. 

Today, we’re joined by Madina Tukulova, Head of Islamic Finance at the AIFC Authority. With over a decade of experience, Madina has been a key player in advancing Islamic finance in Kazakhstan. 

In this episode, we covered several topics including

• The current landscape of Islamic finance in Kazakhstan
• The opportunities and challenges facing IFIs in Kazakhstan
• How AFIC is seeking to become a financial hub in Central Asia

Email us: hassan@majlisandmarkets.com

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Intro theme song-Arab and Muslim by StockMusic via Pixabay

Chapters

• 0:52 Monologue intro
• 1:51 Beginning of discussion
• 2:31 Madina's background in Islamic finance
• 11:56 Current IF landscape in Kazakhstan
• 13:30 Lack of awareness of IF
• 15:31 Increasing number of IFIs in Kazakhstan
• 18:43 What is AFIC?
• 21:14 Why should companies consider AIFC?
• 24:06 Islamic windows coming to Kazakhstan?
• 26:45 Global Islamic banks coming to AIFC
• 28:10 The role of fintech
• 30:04 Cost of Islamic products
• 35:05 Outlook for IF in Kazakhstan and CIS
• 37:07 Current and upcoming projects
• 38:54 Getting in touch; social media