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Banking Law and Implementation of Islamic Banking in Kazakhstan القانون المصرفي وتطبيق الصيرفة الإسلامية في كازاخستان

Author

Listed:
  • Alfiya R. Salikhova

    (Associate Professor, Pavlodar State University, Kazakhstan)

Abstract

Since 2009, the National Bank of Kazakhstan has been developing the legal framework for Islamic banks in the country. A set of amendments to the Civil Code, Banking Law, Tax Law and other laws and regulations were introduced to level the playing field both for Islamic and conventional banks. Despite the fact that the foundation for starting and operating of Islamic banks in the country has already been created, the development of the industry is characterized by extremely low indicators. High demand for foreign investments and Islamic financial services, and the purpose to become a regional hub for Islamic banking by 2020 in Central Asia make Kazakhstani authorities continue their active work over improving the environment for Islamic financial institutions. In 2015, an international law firm was invited into the country by the National Bank of Kazakhstan to work out a new set of legislative initiatives for Islamic financial institutions. This paper is an attempt to formulate and discuss recommendations for enhancing effectiveness of the regulatory framework for Islamic banking in Kazakhstan. منذ عام 2009م، يقوم البنك المركزي لجمهورية كازاخستان على تهيئة الظروف المناسبة للمصارف الإسلامية في الدولة. فقد تم وضع وتعديل عدد من القوانين الرئيسية منها القانون المدني، قانون البنوك، قانون الضرائب والقوانين والأنظمة الأخرى حيث أتيحت للمصارف الإسلامية إمكانية اتخاذ دورا هاما في اقتصاد الدولة علي نفس المستوى مع البنوك التقليدية. وعلى الرغم من وجود إمكانية فتح وإدارة المصارف الإسلامية في الدولة إلا أن تنمية هذه الصناعة لم تتميز بمؤشرات مرتفعة بعد. ووجود طلب مرتفع للاستثمارات الأجنبية وللخدمات المالية الإسلامية، والعزم على جعل كازاخستان مركزا إقليميا للصيرفة الإسلامية في منطقة آسيا الوسطى بحلول عام 2020م، تجعل البنك المركزي لكازاخستان تستمر جهوده بنشاط لتحسين البيئة للمؤسسات المالية الإسلامية. وفي عام 2015م، دُعيت شركة المحاماة الدولية "فولبرايت نورتون روز" من قبل البنك المركزي الكازاخستاني للعمل على مجموعة جديدة من المبادرات التشريعية للمؤسسات المالية الإسلامية. وهذه المبادرة هي محاولة لإعادة صياغة ومناقشة توصيات المتخصصين بشأن تعزيز فعالية الإطار التنظيمي للقطاع المصرفي الإسلامي وإدراجها في التشريع الكازاخستاني.

Suggested Citation

  • Alfiya R. Salikhova, 2016. "Banking Law and Implementation of Islamic Banking in Kazakhstan القانون المصرفي وتطبيق الصيرفة الإسلامية في كازاخستان," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 121-138, July.
    • Handle: RePEc:abd:kauiea:v:29:y:2016:i:2:no:11:p:121-138
    DOI: 10.4197/Islec.29-2.11
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