E3S Web Conf.
Volume 159, 2020The 1st International Conference on Business Technology for a Sustainable Environmental System (BTSES-2020)
|Number of page(s)||8|
|Section||Chapter 6: Decent Work and Economic Growth|
|Published online||24 March 2020|
Development opportunities of islamic finance in Kazakhstan: world experience and perspectives
Al-Farabi Kazakh National University, al-Farabi Ave. 71, 050040 Almaty, Kazakhstan
* Corresponding author: firstname.lastname@example.org
An increase in demand for alternative financial services contributes to the growing importance of Islamic finance for a part of the international financial market, which represents for Kazakhstan a viable and sustainable sphere of capital investment in times of crisis to diversify risks. The article reveals the features of functioning of Islamic banks, highlights the main tools of Islamic finance, highlights the development of Islamic finance in foreign countries, including Arab countries, European countries and the United States. The author analyzes the key stages of the development of Islamic finance in Kazakhstan and highlights the problems that impede its full implementation. The recommendations aimed at the development of Islamic instruments in the framework of the Kazakhstani economy are presented. In conclusion, it is concluded that the state is the main institution on whose actions the further functioning of Islamic finance in Kazakhstan depends.
© The Authors, published by EDP Sciences, 2020
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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