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2.2.14. Providing Islamic Financing
GUIDANCE
AFSA Guidance for Over-the-Counter Transactions with Digital Assets
Guidance for AIFC Banks conducting settlement for Digital Asset Trading Facility Operators and Digital Asset Service Providers
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2. AUTHORISATION (GETTING REGULATED)
2.2. Becoming regulated as an Authorised Firm
6. MISCELLANEOUS
The List of financial services and ancillary services provided by the Astana International Financial Centre participants, subject to the financial monitoring
SELF-ASSESSMENT OF INTERNAL QUALITY CONTROL MONITORING PROGRAM
Practical Guidance to AIFC Anti-Money Laundering and Counter – Terrorist Financing Framework
Entire Act

2.2.14. Providing Islamic Financing

2.2.14.1. General description

Providing Islamic Financing is listed in section 14 of Schedule 1 of GEN. It means providing financing in a Shari’ah-compliant manner by entering into any Islamic Financial Contract.

The definition of an Islamic Financial Contract can be found in the AIFC Islamic Finance Rules.

For more details on Providing Islamic Financing 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.

Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants?

Yes:

 

Your services will be subject to the AIFC Rules on Currency Regulation:

 

Name of allowed activity:

Islamic banking and Islamic financing carried out by Islamic banks

 

Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation:

1.1 in the list of financial services.

 

Type of currency:

Any currency

 

Transaction:

Via AIFC Banks: only foreign currency

Via second-tier banks: any currency

 

Currency reporting:

No specific reporting for a financial service.

Transactional reporting may be applicable (see Chapter 4 of PERG for more details). 

 

No:

Subrule 3.3.2 of AIFC Rules on Currency Regulation applies. 

For more details see Chapter 4 of PERG.

2.2.14.2. Exclusions

There are none.