etings are held between the Governors of central banks and the representatives of OIC member countries to discuss ways and means of improving co-operation among the financial institutions of member countries. The IDB also expands co-operation with the national development banks of the member countries to grant lines of equity, lines of leasing and lines of installment sales to these banks so that they can advance finance to viable local projects. This provides the banks with hard currency and facilitates financing operations for the IDB. And the bank helps to promote a greater flow of resources to its member countries from other financial agencies, through its co-financing arrangements with regional and international financial institutions such as the OPEC Fund, the BADEA and the Arab Fund for Economic Aid and Social Development . [17]
Future challenges for Islamic banking and finance in the Republic of Kazakhstan
Based on the analysis of individual Islamic countries can be made a conclusion that the most optimal for borrowing and the introduction of Islamic system in Kazakhstan is an Iranian one. While in Russia and other CIS countries made attempts to open Islamic banks, Kazakhstan is the first among the post-soviet countries that introduced Islamic financing at the legislative level. On February 12, 2009 President of Kazakhstan Nursultan Nazarbayev signed the Law of RK "Про внесення змін і доповнень до деяких законодавчих актів Республіки Казахстан з питань організації та діяльності ісламських банків і ісламського фінансування". The Act was amended a number of significant changes and additions to some legislative acts of the country (the Civil Code, Tax Code, the laws "On securities market" and "On Banks and Banking Activity in the Republic of Kazakhstan", " ; On state registration of immovable property and transactions with him, "" On Obligatory guarantee deposits placed in banks of the Republic of Kazakhstan "," On Investment Funds ", etc.). , Despite all its advantages and all the progressive potential, the Act of February 12, 2009 did not meet all the requirements necessary for successful implementation and development of Islamic finance in our country. For example, experts believe that the Islamic financial services in Kazakhstan are not massive, but rather a "niche" product. Consequently, due to limited customer base will be more effective implementation of these products through so-called Islamic "windows" in the framework of the commercial bank. In accordance with the law or to create Islamic "windows", that is to work with Islamic financial instruments could only new bank set up according to Islamic principles. After some time it will be necessarily to be amended for the optimization of the law. And it may be necessary to amend the legislation to permit the opening of the Islamic "windows". For example, in January 2010, Kazakhstan has opened its first I...
