Islamic Development Bank to channel USD 1.2bn in Kazakhstans economy.

By bne IntelliNews June 27, 2011
Kazakh economy over the next three years, announced IDB President Ahmad Mohamed Ali. According to him, the bank has invested around USD 900mn already. As reported earlier, Kazakhstan plans to develop Islamic finance market. Arken Arystanov, chairman of the Regional Financial Centre of Almaty informed that the country planned to attract USD 10bn in Islamic finance over the next 5 to 7 years. Apart from that, Kazakhstan intends to place sukuk bonds worth USD 500mn, deputy finance minister Berik Shopankhunov has informed. Significantly, the country is eager to become hub for Islamic finance in the region.

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