The delegation of the Astana International Financial Centre (AIFC), headed by acting IsDB Governor for Kazakhstan and Chief Executive Officer of the Astana Financial Services Authority (AFSA) Nurkhat Kushimov, has participated in the Islamic Development Bank Group 2022 Annual Meetings in Sharm el-Sheikh. The event was organised with the assistance of the government of the Arab Republic of Egypt.
Heads and representatives of government agencies from 57 IsDB member countries as well as regional and international financial and development institutions, business leaders and the general public participated in the annual event.
IsDB Group Board Meetings, conventions of IsDB Group members, as well as side-events and panel sessions were held within the Annual Meetings. Among many others, issues of sustainable development, Islamic finance, and digitalisation were on the agenda. Acting IsDB Governor for Kazakhstan Mr Kushimov spoke at a special event “Digital Transformation in Financial Services: The Age of Fintech” and focused on the development of FinTech in the AIFC, as well as the proper regulation and supervision of AFSA companies in the area of FinTech.
“From the standpoint of regulation, digital transformation presents a number of challenges, notably the need to prepare innovative legislation and prioritise consumer protection. Nevertheless, we see FinTech as an enabling power that can build bridges between those in business who are financially secure and those who are "unbanked". In FinTech at AFSA we strive to motivate innovation whilst ensuring that adequate regulation and oversight are in place to bring out the best that FinTech can offer in a safe manner,” said AFSA Chief Executive Officer Mr Kushimov.
During the visit meetings were held with the leadership of the Islamic Development Bank and with companies of the IsDB Group (ICD, ITFC, ICIEC). The discussions focused on issues of strengthening cooperation between the IsDB Group and the Republic of Kazakhstan, the possibility of financing Kazakhstan’s projects, as well as IsDB’s assistance in the development of the industry of Islamic financial services.
In addition, meetings were held with representatives of various banks and companies, including the CEO of the OPEC Fund, the Secretary General of the Islamic Financial Services Board and representatives of other organisations.
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The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is 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.
Over 1,300 firms from 64 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz
The Islamic Development Bank (IsDB) is an AAA-rated supranational and international development finance institution with 57 member countries that promote socio-economic and sustainable development in IsDB member countries. Its main activities include promoting global development, building partnerships, strengthening global value chains, and advancing science, technology and innovation.
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