AFSA launches consultation on proposed AIFC Shari’ah Governance Framework

The Astana Financial Services Authority (AFSA) has released the Consultation Paper inviting market participants to comment on the proposed AIFC Shari’ah Governance Framework.

The proposals include the introduction of new AIFC Shari’ah Governance Rules, together with consequential amendments to the AIFC General Rules, AIFC Glossary and AIFC Islamic Finance Rules. The proposed framework is intended to establish a consistent and comprehensive approach to Shari’ah governance for Authorised Firms conducting Islamic Finance Business within the AIFC, while aligning the AIFC regulatory framework with internationally recognised standards and industry practices. 

Key proposals include: 

• Establishing minimum requirements for Shari’ah governance structure, built on five components: the Shari’ah Supervisory Board (SSB), the Shari’ah Board Secretariat Function, the Shari’ah Compliance Function, the Internal Shari’ah Audit Function, and the External Shari’ah Audit; 

• Strengthening SSB requirements through minimum composition and competency criteria, fit-and-proper assessment of SSB Members and SSB Advisors, tenure limits, independence and conflict-of-interest safeguards, and AFSA notification and objection powers in respect of SSB appointments; 

• Separate Shari’ah Compliance Function and Internal Shari’ah Audit Function, supported by amendments to the AIFC General Rules designating the Shari’ah Compliance Officer as a Controlled Function and the Internal Shari’ah Auditor as a Designated Function; 

• Setting out specific requirements for Islamic Windows, including effective segregation, operational independence, and ring-fencing.

The full paper is available here. 

AFSA invites feedback from all stakeholders. Please submit your comments on the proposed amendments by 15 September 2026 via email to [email protected]. We will review all responses and consider any necessary adjustments to the proposals. 

Reference:  

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition, and supervision of financial firms and market institutions in the AIFC. afsa.kz  

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz  

Public Relations and Communications Division of AFSA, [email protected]