In Kazakhstan, Islamic finance in 2024 is by definition a finance tool that operates under the principles of Sharia law, which prohibits the charging of interest (riba) and emphasizes ethical investments, risk-sharing, and asset-backed financing, ensuring that all financial transactions are conducted in a fair and socially responsible manner, reflecting the values of the Muslim population and promoting economic justice.
In Kazakhstan, Islamic finance is promoted by the Kazakh government that has been proactive by establishing a comprehensive regulatory framework and supporting the development of Islamic financial institutions, aiming to attract both domestic and international investments while ensuring that all financial products and services comply with Sharia principles, thereby enhancing financial inclusion and diversifying the economy.
In Kazakhstan, Islamic financing includes Mudarabah (profit-sharing), Musharakah (joint ventures), Ijarah (leasing), and Sukuk (Islamic bonds), which support real economic activities and sustainable development, fostering equitable wealth distribution and contributing to the growth of various sectors such as infrastructure, agriculture, and trade.
In Kazakhstan, Islamic finance in 2024 is included in its broader financial system of the country, Kazakhstan seeks to leverage the ethical and risk-sharing attributes of Sharia-compliant finance to promote economic resilience, social justice, and financial stability, positioning itself as a leading hub for Islamic financial services in the region and contributing to the nation's long-term economic prosperity.
KAZAKHSTAN ONLINE SHARIA BANK
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