Representatives of the Department Participated in a Forum on Islamic Finance in Kazakhstan

On May 21, 2026, the forum “Islamic Finance in Kazakhstan: From Idea to Implementation and the Formation of a New Investment Era” was held in Astana at the Astana International Financial Centre. The forum brought together representatives of the academic community, the financial sector, business, investment organizations, regulatory bodies, and international experts.

The Department of Finance and Accounting of the Higher School of Economics and Business at Al-Farabi Kazakh National University was represented at the forum by Professor Darkhan Onaltayev and Senior Lecturer Asset Kyzdarbekova.

The participation of department faculty members in such events contributes to strengthening the link between science, education, and practice, as well as expanding professional cooperation with representatives of the financial market.

The main purpose of the forum was to discuss the current state of the Islamic finance market in Kazakhstan, recent legislative changes, practical experience within the framework of the AIFC, and further prospects for the development of this area. Particular attention was paid to implemented case studies, new financial products, investment platforms, and opportunities for businesses and investors.

As part of the forum program, sessions were held on the current state of the Islamic finance and business market, the practical launch of Islamic financial products, regulatory dialogue, and further steps for industry development. Participants also discussed the formation of a stable and predictable regulatory environment, the development of Islamic windows, regional cooperation among Central Asian countries, and investment attraction.

The growing role of Islamic finance as one of the promising areas of Kazakhstan’s financial market development is of particular importance for educational and scientific activities. This sector creates new opportunities for attracting investment, introducing ethical financial instruments, developing partnership-based financing, and expanding alternative mechanisms for business support. The knowledge and practical materials obtained during the forum can be used to update the content of academic disciplines, prepare scientific publications, conduct research projects, and organize further professional events for students.

One of the key events of the forum was the signing ceremony of a memorandum between the Association of Islamic Finance and Business of Kazakhstan, the Association of Islamic Finance of Kyrgyzstan, and the Association of Islamic Finance and Takaful of Uzbekistan on the establishment of a regional alliance for the development of Islamic finance in Central Asia. This initiative is of particular significance for strengthening cooperation among the countries of the region and forming a unified investment space.

The second part of the forum focused on market entry and the development of Islamic financial solutions, the promotion of Central Asia as a unified investment destination, and international experience in attracting capital. Speakers from different countries presented practical models for the development of Islamic finance that may be applicable to Kazakhstan and the region as a whole.

The participation of D.O. Onaltayev and A.S. Kyzdarbekova in the forum made it possible to become acquainted with current trends in the development of Islamic finance, expand professional contacts, and obtain practical information that can be used in the educational process, scientific research, and the further academic activities of the department.