The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private arm of Islamic Development Bank Group (IDBG), and Astana International Financial Centre (AIFC) (www.AIFC.kz), signed a Memorandum of Understanding (MoU) to exploring possible avenues for collaboration in developing the private sector including Islamic financial services industry in ICD member countries including Kazakhstan.

The two institutions are determined to collaborate on fostering the development and sharing best practice and knowledge in the field of Islamic finance, banking, capital markets, asset management, financial technology and human capital development, strengthening mutual efforts in attraction of Islamic finance participants to AIFC by cooperating in sharing of information and expertise.

    The aim of the MoU is to cement the relationship with AIFC by joining operations to expand the financial products and services offered to the private sector investors

ICD and AIFC also reached agreement to facilitate information and expertise exchange in order to develop effective cooperation, which may include organizing joint professional financial educational and training programs, research, workshops, publications, study tours, qualifications and cooperating on staff exchange and on AIFC staff participating at ICD’s Executive Programs.

On this occasion, Mr. Khaled Al-Aboodi, stated: “The aim of the MoU is to cement the relationship with AIFC by joining operations to expand the financial products and services offered to the private sector investors in common member countries and to foster the development of the Islamic financial services industry in ICD member countries”.

Mr. Kairat Kelimbetov, Governor of AIFC said, that the purpose of AIFC is to develop financial and professional services based on the principals of international best practices including fostering the development of Islamic financial services industry in Kazakhstan and the CIS region. We consider ICD as our strategic partner in GCC region.

Finally, he underlined that, AIFC aim to become a regional hub for Islamic finance, creating favorable conditions for the operation and development of Islamic financial institutions.