KASE held the Market Open Ceremony for trading in units of the Wardat al Hayat mutual fund
On March 27, KASE hosted the market open ceremony for the trading in units of the interval mutual investment fund Wardat al Hayat managed by BCC Invest.
The ceremony also featured a panel discussion on Islamic finance, where speakers shared relevant information. During her speech, Madina Tukulova, Chairperson of the Association of Islamic Finance and Business, spoke about the development of the Islamic securities market in Kazakhstan. She noted that Islamic securities of the Development Bank of Kazakhstan and Sukuk of the Islamic Corporation for the Development of the Private Sector (ICD) were also placed on KASE in various years.
Dauren Tasmagambetov, Managing Director of the AFK's Securities Market Development Center, highlighted the nuances of legislative regulation of Islamic financial instruments in Kazakhstan. According to him, it is necessary to amend the legislation regulating the development of securities related to issues of Islamic financing.
Ruslan Zerilov, Managing Director of BCC Invest JSC, presented the investment strategy of the Wardat al Hayat fund. The fund is designed for investors who adhere to the principles of Islamic investment and offers a conservative strategy with a focus on low-risk instruments from reliable issuers.
Maulen Usenov, Head of Asset Management Group at BCC Invest JSC, noted that the Wardat al Hayat fund will invest primarily in sukuk (Islamic debt securities) issued by leading issuers in the Middle East and Southeast Asia. The fund's projected annual profitability is approximately 4% per annum in US dollars.
Artem Malykh, BCC Invest's product manager, revealed the development prospects of the Wardat al Hayat fund. He noted the conservative investment strategy of the fund, in accordance with Islamic principles: the acquisition of financial instruments must comply with Shariah standards. The corresponding certification was carried out by the Shariah Supervisory Board.