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Islamic Banking Conference in Almaty

Wednesday, 2 May, 2007

Русский

Islamic Banking Conference in Almaty

The Islamic Development Bank and a number of leading Kazak financial institutions will hold a conference on Islamic banking in Almaty on May 7-8. Given the growing interest in Islamic financial systems, international and Kazak experts will discuss the role that Islamic banking could play in Kazakstan’s financial sector, and its compatibility with national laws.

Islamic banking is based on Shariah laws that prohibit usury, interest-bearing loans, and lending to businesses that produce alcohol, pork or pornography.

With a Muslim majority population, Kazakstan is one of the leading former Soviet states in terms of its banking sector.

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