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The Islamic Corporation for the Development of the Private Sector (ICD) and Astana International Financial Centre (AIFC) sign a MoU to cooperate in the Development of the Private Sector

The Islamic Corporation for the Development of the Private Sector (ICD) and Astana International Financial Centre (AIFC) sign a MoU to cooperate in the Development of the Private Sector

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.

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.

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD (www.ICD-PS.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.ICD-PS.org.

About Astana International Financial Centre (AIFC):
AIFC (www.AIFC.kz), a territory of the Republic of Kazakhstan with a special legal regime duly incorporated under the laws of the Republic of Kazakhstan. 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 region.

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