By Abdulfatah Babatunde
The Islamic Development Bank Institute (IsDBI) has announced the successful completion of its flagship Islamic Finance Strategic Mapping Framework (IF-MAP), (formerly IF-CAF) pilot exercise in the Republic of Kazakhstan.
The bank announced this in a statement mailed to TheNewsZenith on Sunday.
According to the statement, IsDBI conducted this comprehensive assessment in collaboration with the Astana International Financial Centre (AIFC).
It is aimed to identify key opportunities and challenges within the country’s Islamic finance sector.
The bank launched the pilot initiative of IF-MAP in June 2023 and involved extensive consultations with key stakeholders.
Such stakeholders included government agencies, financial institutions and industry experts.
The resulting tailored policy recommendations report, which outlines the sector’s progress and provides recommendations for future development, has been submitted to the AIFC.
As one of the key outcomes of the exercise, IsDBI and AIFC jointly developed the Kazakhstan Islamic Finance Country Report 2024.
The Governor of AIFC, Mr Renat Bekturov, launched the report during the Astana Finance Days on Sept. 6.
It highlights the immense potential of Islamic finance in supporting Kazakhstan’s economic growth and development.
In his welcome address, Bekturov said the report provided a comprehensive overview of the Islamic finance industry.
“It also highlights our shared vision for the future.
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“AIFC’s commitment to promoting Islamic finance is evident through the favourable conditions it offers to Islamic financial companies to operate in both the retail and corporate sectors.
“The report is an invaluable guide for investors, policymakers and stakeholders,” he said.
Speaking on the successful completion of the pilot exercise, Dr Sami Al-Suwailem, Acting Director General of IsDBI, expressed delight at the collaboration with the AIFC on the initiative.
“The Kazakhstan Islamic Finance Country Report offers a valuable analysis of the sector’s current state and prospects.
“We believe the report, together with the IF-MAP policy recommendations submitted to the AIFC, will be instrumental in guiding policymakers, investors and financial institutions.
“This is important as they work to harness the full potential of Islamic finance in Kazakhstan,” Al-Suwailem said.
The statement noted that IsDBI remained committed to supporting the growth and development of the Islamic finance industry worldwide.
Through its research, training and capacity-building programmes, the Institute seeks to contribute to creating a more inclusive and sustainable financial system.
TheNewsZenith reports that the IsDBI is the knowledge beacon of the Islamic Development Bank Group.
Guided by the principles of Islamic economics and finance, the IsDBI leads the development of innovative knowledge-based solutions.
These support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.
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