Providing Islamic Financing

Providing Islamic Financing

Providing Islamic Financing

Providing Islamic Financing means providing financing in a Shari’ah-compliant manner by entering into any Islamic Financial Contract.


General requirements



Minimum threshold

Authorisation Fee (paid once)

10 000 USD

*According to AIFC Fees Rules 5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full.

Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well.

Registration Fee (paid once)

Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [email protected].

*AIFC Fees Rules

Supervision Fee (annually)


*AIFC Fees Rules

Minimum Capital Requirement

The Base capital requirement for an Islamic Financing Company is 2 million USD.

 *In accordance with the modification notice issued by AFSA (AFSA Notice № AFSA-Q-OA-2020-0028) the Base capital requirement for an Islamic Financing Company is defined as:

  1. in case if only own funds are used – USD 100,000;
  2. in case if not only own funds are used – USD 500,000.

The notice remains effective until 1 November 2023.

 *AIFC Islamic Banking Business Prudential Rules 4.7.



Liquid Assets Requirement

Liquidity Coverage Ratio must be calculated in accordance with AIFC Islamic Banking Business Rules 10.25.

*AIFC Islamic Banking Business Prudential Rules 10

Appointment of Internal and External Auditor


*AIFC General Rules 5.5.1.

*AIFC Financial Services Framework Regulations 109.

Organisational structure 

  • Appointment of a Board of Directors;
  • Appointment of approved and designated individuals (CEO, Finance Officer, Compliance Officer, MLRO and a deputy MLRO);
  • Appointment of committees within the company (Risk Committee, Investment Committee, Compliance Committee etc.)
  • Shari’ah Supervisory Board (at least 3 members);

Policies and Procedures



Application package

Application Regulated Activities
Supplement Islamic Business
Application Approved Individual status
Application Designated Individual status
Financial projections template
Request for Invoice
Fit and Proper Questionnaire for Controllers


Supporting documents


  • Incorporation certificate of Parent/head office (if applicable)
  • Board minutes approving establishment of the AIFC entity
  • Résumés/CVs for Controllers that are natural persons
  • Résumés/CVs for the members of the Board of Directors (both executive and non-executive) as applicable
  • Last audited accounts (if applicable)
  • Last audited Group accounts (if applicable)
  • A shareholding chart that depicts how the applicant is related to each of its shareholders (including natural persons) and to its related entities, Subsidiaries, and head office/Branch, as applicable
  • An organisation chart depicting the key appointments and reporting lines and, where applicable, the reporting lines to the Group or head office
  • If the applicant is a start-up evidence of source of funds
  • Evidence, such as non-binding letters of engagement, to support the applicant’s revenue-stream estimations in the financial projections
  • If the applicant is a start-up, a copy of the Shareholders’ agreement
  • Copies of any Board and management committees’ terms of reference
  • A copy of each Controller’s Kazakhstani ID card (if a Kazakhstani citizen or resident)
  • A copy of each Controller’s passport (for non-Kazakhstani citizens)
  • If your Parent is regulated in another jurisdiction provide a copy of its regulatory licence. It must include any restrictions or conditions
  • A copy of the applicant’s interbranch accounting policy (if applicable)
  • Standard Client Agreement
  • List of above-mentioned policies and procedures

*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.