The delegation of the Astana International Financial Centre (AIFC) headed by the Governor Kairat Kelimbetov visited the Republic of Indonesia to establish cooperation with leading financial institutions, to exchange expertise in the field of Islamic finance and implementation of Islamic financial instruments.
Meetings with Suahasil Nazara, Chairman of the Fiscal Policy Agency of the Ministry of Finance, Agus Sudiarto, President Director of the Bank Syariah Mandiri and Muliaman Hadad, Chairman of the Financial Services Authority (OJK) were held with the assistance of the Embassy of the Republic of Kazakhstan in the Republic of Indonesia. Additionally, Kelimbetov took part in the OJK seminar and the Global Islamic Finance Award ceremony.
During those meetings the Governor of the AIFC briefed about the initiative of the President of the Republic of Kazakhstan Nursultan Nazarbayev to establish the AIFC with a special legal status. In particular, AIFC participants will be provided with unprecedented conditions.
According to K. Kelimbetov, the AIFC is interested in cooperation with Indonesia due to its active development of Islamic financial technologies market and start-ups. Indonesia is the second largest state in the Association of Southeast Asian Nations (ASEAN) after Singapore. Cooperation with Indonesia can be a key factor for the development of Islamic finance in Kazakhstan.
Chairman of the Financial Services Authority (OJK) Muliaman Hadad expressed readiness of the Indonesian side for the close cooperation with the AIFC. The signed Memorandum of Understanding confirmed these intentions and will allow the parties to exchange expertise and information on the development of the regulatory framework, as well as regulation of financial markets.
As a result of the visit AIFC was awarded by the prestigious Global Islamic Finance Award for contribution to the development of Islamic finance in the region.
AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet region Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.