Almaty to be center of Islamic finance by 2015
According to Mr. Darkhan Nurpeissov, Vice Chairman of the Agency regulating the Regional Financial Center of Almaty (RFCA), Almaty is to be transformed into a global center of Islamic finance by 2015-2020. By 2012-2015 it is planned to put in place infrastructure for the Islamic financial industry to turn Almaty into a full-fledged center of Islamic finance. Legal foundation has already been laid. Almaty is home to the first Islamic bank in Kazakhstan. A second Islamic bank is to enter the market shortly. Besides, an Islamic insurance company and a brokerage, a handful of consultancies and funds have been launched. However, according to Mr. Nurpeissov, the population is not fully aware of Islamic finance. Kazakhstan is going to take over the chairmanship of the Organization of the Islamic Conference (OIC) in June.