|By Astana Times

Global Islamic Finance Experts Unite Under AIFC Initiative

The Astana International Financial Centre (AIFC) has formally launched an International Islamic Finance Advisory Board, bringing together prominent Islamic finance experts from Bahrain, Kazakhstan, Malaysia, Saudi Arabia, Türkiye, and the United Arab Emirates. The board convened for its inaugural meeting on Dec. 10 at the Embassy of Kazakhstan in the UAE during the AIFC Connect Abu Dhabi forum.

Strategic Role in Advancing Islamic Finance in Kazakhstan

The newly formed advisory body is designed to function as a central intellectual platform supporting the development of Islamic finance in Kazakhstan. It will provide independent guidance on legislation, Shariah governance frameworks, capital market development, sustainable finance initiatives, digital financial solutions, plus international collaboration.

According to the AIFC press service, the board’s recommendations will help align Kazakhstan’s Islamic finance ecosystem with globally recognized standards.

AIFC Strengthens Position as a Regional Islamic Finance Hub

Madina Tukulova, Head of Islamic Finance at the AIFC Authority, stated that the creation of the advisory board marks a major milestone for the country’s Islamic finance industry. She highlighted that insights from internationally respected experts will help raise benchmarks for transparency, quality, and institutional development, accelerating industry growth while reinforcing AIFC’s regional leadership.

Ethical Finance Potential Across the Eurasian Region

Adnan Ahmed Yousif, President and CEO of Lemrair Consultancy Company W.L.L, described the board’s establishment as a strategic institutional advancement for Islamic finance across Eurasia. He emphasized Kazakhstan’s capacity to promote ethical, Shariah-compliant, and sustainable financial solutions, positioning the country for long-term growth in the global Islamic finance landscape.

Key Priorities for Islamic Finance Development Through 2028

During the inaugural meeting, board members reviewed the current state of Islamic finance in Kazakhstan, identified structural barriers, and discussed the country’s ambition to become a leading Islamic finance destination. Strategic priorities for 2026–2028 include:

• Introduction of new Shariah-compliant financial products
• Greater participation from international financial institutions
• Enhanced investment attractiveness of the AIFC jurisdiction
• Strengthening of Shariah governance systems

Enhancing Shariah Governance and Investor Confidence

Members endorsed the implementation of a comprehensive Shariah governance policy, aimed at standardizing requirements for Shariah advisory bodies, improving expert evaluation mechanisms, and ensuring transparency in decision-making. These measures are expected to boost investor confidence while ensuring compliance with international Islamic finance norms.

Green Sukuk and ESG Islamic Instruments Gain Attention

The advisory board also examined Kazakhstan’s potential in green and socially responsible Islamic finance, including opportunities to issue green sukuk and ESG-linked Shariah-compliant instruments. Such initiatives could position Kazakhstan at the intersection of Islamic finance and sustainable development, attracting ethically focused global investors.

Original Article:

Omirgazy, D. (2025). AIFC Establishes International Islamic Finance Advisory Board. The Astana Times. Retrieved from https://astanatimes.com/2025/12/aifc-establishes-international-islamic-finance-advisory-board/