First Islamic Bank in Kazakhstan for CIS to be based in Almaty - Arystanov
ALMATY. April 10. KAZINFORM /Daniyar Sikhimbayev/ In 2008 we carried through certain work related to the stock market infrastructure and introduction of new financial instruments. We have started the program of promotion of population’s investment literacy and launched a commodity exchange, Chairman of the Agency for Administration of the Activities of the Almaty Regional Financial Centre (ARFC) Arken Arystanov announced after the meeting with the President. “The President has set several tasks for 2009. The turnover in the commodity exchange must reach more than USD 200 mln including sale of grain, metals, fuel and lubricants, gold and derivate futures. The work on the program of investment literacy among population will be continued. The President emphasizes that it is important for the population to know how to manage their finances in this crisis period”, A.Arystanov said. The President specially deliniated one of the objectives of the Almaty Regional Financial Centre to play a role in strengthening of the Islamic financing. “The required legislative framework is available. Presidents of Kazakhstan and the United Arab Emirates reached an arrangement to furnishin the documents on opening of the first Islamic bank in Kazakhstan within two months. The Bank headquarters will be based in Almaty and will function for the entire CIS. This is a very significant step. Besides, we plan to emit Islamic financial instruments”, the Chairman said. He noted that all large building complexes in the United Arab Emirates were constructed on the account of Islamic financing. This instrument is extremely useful for construction, because risks and benefits are divided in halves between a financial institute and construction company. “Another important issue is the situation with gold. We have agreed, that the National Bank will increase the issuance of metallic investment coins, which will be used among the population”, A.Arystanov said.