The Islamic Corporation for the Development of the Private Sector (ICD) signs a MoU with the Association of Financiers of Kazakhstan (AFK)

14 March 2017

News & Press Release

Kazakhstan – 14 March 2017

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, in partnership with the Association of Financiers of Kazakhstan (AFK), have signed a memorandum of understanding (MoU) in which the two institutions will be exploring possible avenues for collaboration related to supporting financial institutions of Kazakhstan and development of Islamic finance in Kazakhstan.

Mr. Khaled Al Aboodi, Chief Executive Officer and General Manager of ICD, and Mrs. Yulia Yakupbayeva, Chairwoman of the Board of AFK signed the MoU on behalf of the two organizations during IFN CIS forum in Astana, the capital of Kazakhstan on March 14.

The agreement outlines the scope of cooperation between ICD and AFK and paves the way for a mutual collaboration in sharing of information, knowledge and expertise in relation to Islamic finance and assisting each other in the process of developing feasibility studies to evaluate the viability of projects. The two institutions seeks also to establish a viable financing platform and business model for mutual collaboration in implementation and development projects and initiatives.

During the signing ceremony, Mr. Khaled Al-Aboodi stressed the importance of the MoU in increasing capacity-building, promoting knowledge-sharing and supporting greater sustainable access to finance across ICD member countries, “Providing assistance to the development of the Islamic finance industry has always been among our top priorities. We look forward to pursuing and intensifying this effort to better tackle Kazakhstan needs to build up innovative, robust and competitive financial systems at both domestic and regional levels.”

Mrs. Yulia Yakupbayeva said, “The AFK welcomes the formalisation of our cooperation with ICD. This MoU provides an excellent platform for the ICD to engage and build relationships with its members in the region. It is an opportunity to benefit from both institutions’ expertise, especially for enhancing the outreach to member countries for awareness building, exchange of information and knowledge sharing. Other than conducting joint workshops and training programmes to create awareness on Islamic finance”.



About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit

About the Association of Financiers of Kazakhstan (AFK)

The Association of Financiers of Kazakhstan was established in 1999. More than 160 organizations are members of the Association, including banks, insurance companies and brokers, national pension fund and other financial institutions. Main mission of the Association is to provide protection and assistance in its members’ shareholder value growth. Main strategic goals are: representation of members of AFK at state and governmental institutions; expression and protection of common interests of financial market entities; monitoring and participation in elaboration of legislation of the Republic of Kazakhstan in the sphere of development of country’s financial system. For more information, visit

The Islamic Corporation for the Development of the Private Sector (ICD) signs a MoU with the Association of Financiers of Kazakhstan (AFK)

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