Islamic Finance Forum 2010

On January, 25-26th, 2010 in the hotel "Rixos", Astana the international forum devoted to the Islamic financing in which the Director of branch office GRATA in Astana - Samat Daumov has taken active part.On 25-26th January 2010, in the hotel "Rixos" Astana, the International Forum devoted time to discuss the issue of Islamic Financing, in which the Director of the Astana branch of GRATA, Samat Daumov, played an active part.

The forum was organised by the consulting company Akyl - kenes Consulting, with the support of the Regional Financial Centre of Almaty city. The forum included the Minister of Finance and representatives of the Ministry of Industry and Trade, the Regional Financial Centre of Almaty city, the Samruk-Kazyna National Welfare Fund and the Development Bank of Kazakhstan, in addition to the chiefs of some Islamic financial institutions.

The primary objective of the forum was to consider the effect of new capital investment projects on Islamic securities, in particular Sukuk, which is an issue that is actively discussed within legal and economic circles. Sukuk is a basic bond on Shariat, which generates profit for its holder. It is remarkable that the first company which used the given instrument was the known western firm "Shell", which has considered Islamic Sukuk to be a more effective method of placing bonds.

During the Forum, questions relating to the advancement of other Islamic instruments and to the legal and regulatory issues surrounding Islamic investments, were also raised.

The Forum decided to allow the Kazakhstani participants to receive information about investors and instruments of financing, as well as to present information on the projects and priorities that relate to their activities. It was also decided that it would be permissible for the participants to hold bilateral meetings to discuss the attraction of investments and to organise lectures on Islamic financing, provided it was within the limits of the Forum’s framework.

Information on activity DBK, credit instruments, investment priorities, and plans for the direction of Islamic financing were also presented to participants of the Forum, etc.