Almaty should become Islamic finance center in CA by 2020 - RFCA
ALMATY. 09.02.2010. KAZINFORM /Aigul Turysbekova/ The stock market of Kazakhstan should start working in the nearest years. the crisis demonstrated that the country has disproportion between development of the banking sector and the stock market, and the economy's real sector. Head of the Kazakh Agency on Regulation of Activities of the Regional Financial Centre of Almaty City (RFCA) Arken Arystanov has said it today. "The stock market is a mechanism of flow of investment funds from one sector to another. The stock capital should play this role. The banking sector should play an active role in lending of short-term needs, and investment projects should be implemented by attraction of the stock capital and long-term loan bonds", A.Arystanov noted. He noted that Almaty should become a center of the Islamic finance in the region by 2020. Kazakhstan is the first country in Central Asia, which adopted a Law on Islamic financing. "In experts' opinion, our legislation is not enough complete in this sphere. The Association for Islamic Finance Development is ready to work over these issues", he emphasized.