UAE plans to invest US$1 bln in Kazakhstan
ASTANA. April 21. KAZINFORM. /Aigul Tulekbayeva/ UAE investors plan to fund USD 1 billion into Kazakhstan. Yesterday Kazakh Prime Minister Karim Massimov met with the representatives of Al Hilal Islamic Bank, which plans to set up offices in Astana and Almaty. Creation of an Islamic banking institution in Kazakhstan was discussed at the meeting. Islamic banking refers to a system of banking activity that is consistent with the principles of Islamic law (Sharia). Sharia prohibits the payment of fees for the renting of money for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles. Development of Islamic banking can open new opportunities for promotion of Kazakhstan’s real economy sector.