Kazakhstan will issue Islamic bonds, or Sukuk, worth $300mn in 2018, the Astana Times reported on September 15 citing Kazakh president Nursultan Nazarbayev’s announcement at a Global Islamic Finance Awards ceremony.
Only two Islamic banks operate in the country. Al Hilal Bank, created in 2010 as part of an intergovernmental agreement between Kazakhstan and the United Arab Emirates (UAE), stood as the country’s only Islamic bank until Zaman Bank established itself as the second present Islamic Bank in August 2017.
“In 2012, the Development Bank of Kazakhstan issued Sukuk Islamic bonds for the first time; currently it has successfully sold bonds in the amount of 240mn Malaysian ringgits (US$57 million),” Nazarbayev said. “In 2018, it is planned to issue state Islamic independent bonds Sukuk worth up to $300mn.”
An Islamic bank is required to conform to both principles of Islamic law and the central bank’s regulations.
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