Wednesday 15, March 2017 by Georgina Enzer

ICD signs MoU with the Association of Financiers of Kazakhstan (AFK)

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, in partnership with the Association of Financiers of Kazakhstan (AFK), have signed a memorandum of understanding (MoU) in which the two institutions will be exploring possible avenues for collaboration related to supporting financial institutions of Kazakhstan and development of Islamic finance in Kazakhstan.

Khaled Al Aboodi, Chief Executive Officer and General Manager of ICD, and MYulia Yakupbayeva, Chairwoman of the Board of AFK signed the MoU on behalf of the two organisations during IFN CIS forum in Astana, the capital of Kazakhstan on 14 March 2017.

“Providing assistance to the development of the Islamic finance industry has always been among our top priorities. We look forward to pursuing and intensifying this effort to better tackle Kazakhstan needs to build up innovative, robust and competitive financial systems at both domestic and regional levels,” said Al-Aboodi.

The agreement outlines the scope of cooperation between ICD and AFK and paves the way for a mutual collaboration in sharing of information, knowledge and expertise in relation to Islamic finance and assisting each other in the process of developing feasibility studies to evaluate the viability of projects. The two institutions seeks also to establish a viable financing platform and business model for mutual collaboration in implementation and development projects and initiatives.

“The AFK welcomes the formalisation of our cooperation with ICD. This MoU provides an excellent platform for the ICD to engage and build relationships with its members in the region. It is an opportunity to benefit from both institutions’ expertise, especially for enhancing the outreach to member countries for awareness building, exchange of information and knowledge sharing. Other than conducting joint workshops and training programmes to create awareness on Islamic finance,” Yakupbayeva said.


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