AAOIFI Revels Admission of Astana International Financial Centre (AIFC) as Institutional Member

In recognition of Kazakhstan’s role and notable spot on the map of the global Islamic finance industry, and its imperative contributions in this area, both locally and internationally, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has always been keen to deliver on its mission as the leading international organization for the Islamic finance industry, through multiple initiatives aiming to foster professional, technical, and scholarly ties with Kazakhstan at various levels mainly including regulatory and supervisory authorities, Islamic financial institutions, academic and research institutes, etc. The latest manifestations of these efforts has been recently revealed in the admission of Astana International Financial Centre (AIFC), as a new institutional member of AAOIFI along with an elite group of existing members including central banks and regulatory and supervisory authorities in areas of capital markets, insurance, and financing, hailing from a number of countries across the world.

Dr. Hamed Merah AAOIFI Secretary General Says: “Having one of the core institutions of Astana International Financial Centre (AIFC) – Astana Financial Services Authority (AFSA) as a new member represents an important addition to AAOIFI’s membership base, thanks to the key role of Kazakhstan at all levels. We, at AAOIFI, are particularly keen to extend the reach and application of AAOIFI’s standards, both Shari’ah standards and technical standards in areas of accounting, auditing, governance, and ethics, towards higher levels of harmonization and standardization for Islamic finance contracts, products and practices at a global level, in such a way to enhance the industry’s transparency, professionalism and credibility”.

H.E. Dr. Kairat Kelimbetov, Astana International Financial Centre (AIFC) Governor, also stated: “We express our sincere gratitude to AAOIFI and its team for their continuous support in developing Islamic finance industry in Kazakhstan and very pleased to discover new avenues in our professional relationship with AAOIFI as the leading standards setter for the Islamic finance industry worldwide. AIFC is very much keen to contribute to the development and implementation of AAOIFI’s Shari’ah and technical standards as well as to contribute to multiple technical and professional activities and events. Membership in AAOIFI will give a new impetus in leveling the playing field for Islamic finance industry in Kazakhstan and the region and will foster the integration of AIFC’s activities with international best practices and standards with the aim to become the Islamic Finance Hub of the region.”

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