business and economy
Islamic financing to launch in Kazakhstan
(Silk Road Intelligencer) - Kazakhstan will launch first Islamic banking products by the end of 2008, said BTA Bank board member Georgiy Iosifyan.
Iosifyan said that a legal framework enabling Islamic banking in Kazakhstan was likely to be adopted by the end of the year, speaking on Wednesday at the round table conference Banking Sector of Kazakhstan in Almaty.
“Islamic banking is a must for any country with large Moslem population. Since Kazakhstan has several million of Moslems who would like to conduct their basins in line with Shariah laws, it would be useful to provide them with Islamic financing,” he pointed out.
BTA Bank plans to promote Islamic banking beyond Kazakhstan’s borders. “First, BTA Bank plans to introduce Islamic banking in Kazakhstan and then we plan to take it out to the CIS countries that have Moslem population.”
Islamic finance is finance in accordance with Islamic law (Sharia) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest. In addition, Islamic law prohibits investing in businesses that are considered unlawful, such as businesses that sell alcohol, cigarettes or arms.
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