Assessment of Islamic finance and opportunities for its development in Kazakhstan

When we look at the evolution of Islamic banking, especially after the 1990s, it is noteworthy that Islamic banking has achieved an important development momentum both in the world and in Central Asia. In Kazakhstan, one of the important countries of Central Asia, Islamic banking is also developed parallel to the development trend in the region. Islamic banking has been on the agenda especially in the aftermath of the 2008 global economic crisis. In fact, it is thought that by 2030, Kazakhstan will become an Islamic center for the CIS and Central Asian countries, thus becoming an important key country for the development of Islamic finance. In view of this importance in the Islamic banking sector, this study focuses on the past, present and future of Islamic banking in Kazakhstan.

Islamic banking, traditional banking, Sharia, Kazakhstan, Sukuk, Takaful, Riba, Islamic Development Bank

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