The signing of the Memorandum of Understanding and Cooperation between the Astana International Financial Center (AIFC) and the Islamic Development Bank Group (IDB Group) was held in Astana. The memorandum was signed by Managing Director of Astana International Financial Center Kairat Kelimbetov and the president of the Islamic Development Bank Group Dr.Ahmad Mohamed Ali Al-Madani, BNews.kz reports.
The purpose of the memorandum is to establish a framework for strengthening cooperation with the IDB Group to further develop the industry of Islamic finance in Kazakhstan and CIS countries.
The objective is to promote the growth of AIFC and develop financial services in Kazakhstan and in the region in accordance with international standards and best practices of the leading financial centers of the world.
The collaboration between the IDB and AIFC will have a positive impact on the development of the real sector of the economy, and will also contribute to regional economic and financial integration.