Kazakhstan is the central hub of Islamic finance for CIS countries: Zubair Mughal

Sept. 24, 2011 - PRLog -- They are many chances of investment in Kazakhstan regarding International Islamic Banking and financial institutions are in looking on different options for investments in Kazakhstan because the world sees the Kazakhstan  a central hub for Islamic banking and finance for CIS countries. These are the views of Muhammad Zubair Mughal the Chief executive officer of Al-HUDA centre of Islamic banking and economics, which he expressed in his speech in the International finance forum that is held in the Astana the capital of Kazakhstan in this week. In which the Finance minister Mr. Zhamishev Bolat of republic of Kazakhstan, the vice member of the chancellor of Prime Minister Mr. Tolevkhanov Dauren, the member of the area of department of strategic progress and research of President Administration Mr. Sadvawasov Darmen, the senator of the Kazakhstan Parliament Mr. Yensegenov Sarsenbag, the chairman of the committee of national bank of republic of Kazakhstan Mr. Nurpeissov Darkhan, the executive director of Zakat fund Mr. Alpysbay Edige and include International experts. The theme of the conference  was to make fruitful plan and procedures for the development and expansion of Islamic finance in Kazakhstan.

By addressing to the forum, Mr. Muhammad Zubair Mughal presented the origin and starting of Islamic banking and finance in Pakistan in the form of case study that how Pakistan make fast success in Islamic banking in a short period of time. They said that Kazakhstan while doing Islamic banking and Sukuk should also utilize and use the Takaful, Islamic fund, Islamic microfinance and Islamic Reits side by side and for the development of infrastructure the government and Kazakhstan should issue Sukuk in International market so that the Kazakhstan is recognized as the Islamic Financial state in the international market.

He said Kazakhstan is one of the ninth biggest countries of world which holds the 70% population of Muslims from the 16.5 million populations, that is the sign of huge market of Islamic banking and finance. Due to which by making the Kazakhstan the model of Islamic Finance for the rest of CIS countries so that the implementation of Islamic banks and finance their can easily be done. Especially in Central Asian countries because there the population of Muslims is very much huge like Kazakhstan 70%, Uzbekistan 97%, Azerbaijan 99%, Turkmenistan 94%, Kyrgyzstan 86%, Tajikistan 84% is Muslim population. That is the clear sign of the progress and demand of Islamic banking there.

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AlHuda Centre of Islamic Banking and Economics is organization working on Research, Advosiry, Training and Publication on Islamic Banking and finance.