Islamic Banking and Finance in Post-Soviet Central Asia with Special Reference to Kazakhstan
Prof. G.N. Khaki, Bilal Ah. Malik

Since the collapse of the Soviet Union and rise of new nation-states in 1991, the Muslim republics of Central Asia and the southern Caucasus have witnessed the arrival of Islamic banking and finance to the region. In the mid-1990s, most Central Asian states joined the Organization of the Islamic Conference (OIC), allowing them to tap in to the resources of the OIC's Islamic Development Bank (IDB). Each country of the region has incorporated Islamic banking and financing instruments to varying degrees depending on the nature of its contemporary socio-political and economic structure. Particularly, the overview of Islamic finance industry in Kazakhstan and the steps taken by the Kazakh authorities, including the legislation framework, the Road-map, the debut sukuk issuance and opening of the first Islamic financial institutions, promise a good opportunity for Islamic banking in the country.

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