2.2.13.1. General description

Islamic Banking Business is listed in section 13 of Schedule 1 of GEN. It means providing financing or making Investments by entering as principal or agent into any Islamic Financial Contract while raising funds for those activities through either or both of the following:

(a)     raising, accepting and managing funds or money placements;

(b)     managing Unrestricted Profit Sharing Investment Accounts (UPSIA);

provided that all such activities are carried out in a Shari’ah-compliant manner.

The definition of an Islamic Financial Contract can be found in the AIFC Islamic Finance Rules and may include any of the following:

                       (i)         murabahah and its variations;

                      (ii)         salam and its variations;

                    (iii)         tawarruq and its variations;

                    (iv)         istisna and its variations;

                     (v)         ijarah and its variations;

                    (vi)         musharakah and its variations;

                   (vii)         mudarabah and its variations;

                  (viii)         qard;

                    (ix)         any other Islamic Financial Contract that is approved to be so by the relevant Authorised Firm’s Shari’ah Supervisory Board.

For more details on Islamic Banking Business see AIFC Islamic Banking Business Prudential Rules.

Currency regulation

The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.

For more details see Chapter 4 of PERG.

2.2.13.2. Exclusions

There are none.