Almaty hosts 12th IFSB summit (PHOTO)

ALMATY. KAZINFORM - 12th Summit of the Islamic Financial Services Board (Islamic Financial Services Board - IFSB) has kicked off in Almaty.

The event was organized with the support of the National Bank of the Republic of Kazakhstan. Opening the summit online, Kazakh Prime Minister Karim Massimov said Islamic finance is one of the fastest growing areas of the global finances. The event is aimed at identifying the main principles in the context of sustainable development of the Islamic finance and its integration into the global economic system. "National Bank became a member of the IFSB in 2011. Participation in the organization allows Kazakhstan to receive effective support for the enhancement of standards for Islamic financial institutions in Kazakhstan and, therefore, to strengthen our country's position as a regional leader in this field. The global industry of the Islamic finances should expand beyond its traditional boundaries to maintain double-digit growth rates, and in this regard, Kazakhstan has become an important partner as a gateway to Central Asia and the CIS," said chairman of the National Bank Mr.Kelimbetov. He noted that the new "Silk Road" is being restored by creating a transport corridor "Western Europe - Western China", and Kazakhstan, is regaining its historic title of the regional logistics center. The main objective of the IFSB is ensuring coherence of regulatory agencies and developing common standards for Islamic financial institutions.