The main drawback of the development of Islamic banking in Kazakhstan is the low level of financial knowledge of population

/IRBIS, December 3, 09/ - The main drawback of the development of Islamic banking in Kazakstan is the low level of financial literacy and lack most of the population of Kazakhstan understanding of Shariah, - said Mr. Aibek Bekzhanov, Head of Islamic instruments RFCA JSC on the forum-seminar on "Prospects of Islamic finance in the Republic of Kazakhstan, today in Almaty. "The main advantage of Islamic banking is the implementation of financing without interest, but there are drawbacks and perhaps most important - the low level of financial literacy and lack of majority Kazahtana understanding of the principles of Shariah", - said Mr. A. Bekzhanov. In addition, the negative moments Mr. A. Bekzhanov was not sufficiently developed legal framework for the development of Islamic finance and broader portfolio of products from traditional banking. For attraction of investors to the market of Islamic instruments regulator provides a range of activities, including involvement of Kazakhstan NPF as potential investors, as well as changes and additions to the regulations concerning the FSA list of financial instruments that allowed for acquisition of institutional investors, etc. . At the same time as the issuers of Islamic securities may be made by JSC "National Welfare Fund Samruk-Kazyna" and JSC "National Holding" KazAgro", medium and large companies of Kazakhstan, Ministry of Finance of Kazakhstan (as an issuer of sovereign sukuk) and the Asian Development Bank and Islamic development Bank. [2009-12-03]