The Islamic Finance Advisory Board overseen by the Astana Financial Services Authority recently reviewed Shari’ah Governance Rules for Islamic financial business. The document strengthens existing requirements while establishing a unified approach to Shari’ah governance within the jurisdiction. Further goals include enhancing transparency, improving governance quality and creating a framework to bolster investor confidence.
Astana Financial Services Authority Overseeing Shari’ah Compliance
The Rules set out requirements for Shari’ah Supervisory boards and specialists, compliance and audit functions and disclosure. They also included oversight of Shari’ah compliance, ensuring effective risk management, transparency of Islamic financial operations and financial products. The document has been developed in line with international standards and best practices from leading global jurisdictions.
Islamic Finance In Kazakhstan Entering Active Phase Of Growth
Islamic finance in Kazakhstan is currently entering a phase of active growth. According to the Astana International Financial Centre, potential volume of Islamic retail financing exceeds KZT 3.9 trillion (USD 8.3 billion). In addition, they predict that Islamic deposits may reach KZT 2.8 trillion (USD 5.96 billion). A number of Islamic financial companies and banks are already registered within the Astana International Financial Centre jurisdiction. Notably, in January 2026, a new banking law enabled the launch of Islamic “windows” within conventional banks. These allow banks to offer products compliant with Shari’ah principles.
The updated Shari’ah Governance Rules will come into effect following approval by the Astana Financial Services Authority. The Board`s third meeting is scheduled during the Astana Finance Days Financial Forum between September 9–10 this year.
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