Malaysian firms eyeing for opportunities overseas are urged to explore the prospects of offering their professional ancillary services in Kazakhstan particularly in the Astana International Financial Centre (AIFC).

The call was made by the Malaysian ambassador to Kazakhstan Syed Mohamad Bakri Syed Abd. Rahman in his welcoming remark at the Islamic finance awareness program in Astana early this morning.

The programme was jointly organised by two Malaysian firms namely Amanie Advisors Sdn Bhd (Amanie Advisors) and CSQlaw. The programme is hosted with full support by and collaboration with the AIFC.

Syed Mohamad Bakri also expresses Malaysian’s recognition and support on commitment and seriousness of AIFC in promoting Islamic finance in Kazakhstan.

The half-day programme was held with the aim to provide comprehensive insights and discussions on Islamic Finance in Kazakhstan, its prospects and challenges.

This programme, attended by 50 Kazakhstan bankers, legal practitioners, regulatory authorities, services providers and academics, is also a part of feasibility study mandated to the two firms by the Malaysian government. Nurlan Kussainov, CEO of AIFC, also attended the event.

The programme consists of three focused sessions.

It started with a lecture on 360 Ecosystem by Datuk Dr. Mohd Daud Bakar, Founder and Chairman of Amanie Group.

He discusses, among others, that “Islamic finance has been born in Kazakhstan since many years ago. As with many other new industries, it will need to embrace all what it takes to blossom further. We believe that this seminar which is held for the first time ever in the vicinity of AIFC, with the great support of AIFC, reaffirms the bright future of this young industry.”

“Both of Amanie Advisors and CSQ Law as the co-organisers of this seminar are always committed to be on the ground in Kazakhstan to work on assisting and facilitating Islamic finance in a more practical and impactful way. Only when we take on real issues and real opportunities, will we be able to unlock the real prospects and challenges of Islamic finance".

The second session saw a talk on Legal Practitioners Contributions to IFS by Madzlan Hussain, Senior Partner of CSQlaw.

He deals with, among others, legal and regulatory issues relating to Islamic financial services.

Session 3 is a town-hall forum featuring (together with Dr. Daud and Madzlan) Alibek N. Nurbekov, Director of Islamic Finance Department of AIFC, Marat Birimzhan, Deputy Chairman of Kazakh Invest and Yerlan Baidaulet, Member of the Experts Council by the Security Council of the Republic of Kazakhstan, IAIB Advisor on Islamic Finance.

The moderator for this session is Shamsul Qamar Ab. Rani, Managing Partner of CSQlaw.

The programme also shares the Malaysian experience and expertise in Islamic finance with cross reference to other relevant jurisdictions.

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