Tagged: Kazakhstan

Almaty to be center of Islamic finance by 2015

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 inf…

ICD and Zaman Bank in strategic alliance

ICD and Zaman Bank in strategic alliance

The Islamic Corporation for the Development of the Private Sector (ICD) moves in the Islamic banking sector of Kazakhstan with a mandate of converting a regional Bank into an Islamic bank with expected investment of up to 35 percent of the subscribed a…

IDB launches renewable energy fund

IDB launches renewable energy fund

The Islamic Development Bank (IDB) is looking for new investments for farming projects in Kazakhstan through its $600 million agribusiness fund. Gulf countries offer capital but they do not have agricultural resources, while there are countries like Ka…

Kazakh sukuk debut opens to door to Islamic finance

Kazakh sukuk debut opens to door to Islamic finance

The Development Bank of Kazakhstan issued the first sukuk in the former Soviet Union worth $75 million. It is expexted that this sukuk will soon be followed by a number of new issues in the country. The issued bond will generates an annual payment of 5…