Development opportunities of islamic finance in Kazakhstan: world experience and perspectives

Abstract

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.