Kazakhstan lures Malaysians to invest in its Islamic finance

Kazakhstan has invited Malaysians to invest in the country's Islamic finance sector.

Muslims make up over 70 per cent of Kazakhstan's 16-million population.

Manager of National Export and Investment Agency of Kazakhstan, Abilkair Bolatbayev, said that Islamic finance offers huge opportunities for Malaysian investors.

He said currently, eight Kazakhstan firms were involved in the Islamic finance sector.

"We would like to see Islamic finance as a good part of this amount," he told Bernama.

In the first quarter of next year, Kazakhstan would see another phase in the development of its Islamic finance sector following the approval of its President on Islamic finance activities, he said.

Kazakhstan was also the first country in the CIS that adopted law in Islamic finance in 2009. Currently, there isonly one full-fledged Islamic bank operating in the country.

Abilkair said the country's first Islamic bank, Al-Hilal Bank of United Arab Emirates, was set up two years ago.