The Association for Development of Islamic Finance (ADIF) has signed a deal on co-operation with Shariyah Review Bureau (SRB) to establish Kazakhstan as an Islamic financial hub of Central Asia.

ADIF solely supported by National Bank of Republic of Kazakhstan (NBRK), is responsible for promoting, enhancing and maintaining the Islamic financial sector and co-operation with investors from GCC and South East Asia, said a statement.
 
The agreement was was signed at the 12th IFSB Summit which took place in Almaty, Kazakhstan recently.

Speaking at the Summit, chairman of the Presidium, Zaratkazy Nurpiisov said, given the magnitude of Muslim population, enormous oil reserves, rich minerals and metal explorations the country has considerable advantages for Islamic finance. 

“The expected implementation of the state driven financial policy will reflect positively on the Islamic industrial development of Kazakhstan and we expect the industry to continue to enjoy upward momentum with compounded average growth especially as more and more institutions from the GCC take interest in the country,” he said.

“They have a proven track record of offering Shari’a Advisory services around the world and we believe they will successfully implement their institutional experience, capabilities and product structuring expertise within Kazakhstan," Zaratkazy said.

Timur Rustemov, member of Presidium, ADIF, said: “Kazakhstan is a strategically important market in Central Asia, and we look forward to working with SRB and secure more commitments from local institutions as we plan to attract and promote Islamic financial products in the country.

“We strongly believe that Kazakh’s robust market, strong economic growth, defined regulatory system will provide a favorable environment for the growth of the Islamic financial asset class.”

Speaking on the new assignment at the summit, Yasser S Dahlawi, chief executive officer and founder of SRB, said: “We are thrilled at ADIF’s decision to include our company as there shari’a advisors, and for the value they place upon SRB’s ability to support the continued growth of the Islamic industry in Kazakhstani economy.

“We have built a solid foundation over the past decade serving the Islamic financial market in US, UK, Asia and the GCC. And we are firmly committed to building a lasting partnerships with ADIF, providing them and interested banks in the country innovative product development expertise and Shari’a advisory services on a range of banking, insurance, asset management and financial issues.” - TradeArabia News Service