The Islamic Development Bank Institute (IsDBI) (https://ISDBInstitute.org/) is pleased to announce the successful completion of its flagship Islamic Finance Strategic Mapping Framework (IF-MAP, formerly IF-CAF) (https://apo-opa.co/4cXPwti) pilot exercise in the Republic of Kazakhstan. This comprehensive assessment, conducted in collaboration with the Astana International Financial Centre (AIFC), aimed to identify key opportunities and challenges within the country’s Islamic finance sector.

The pilot initiative of IF-MAP was launched (https://apo-opa.co/3MyooGO) in June 2023, and involved extensive consultations with key stakeholders, including government agencies, financial institutions, and industry experts. The resulting tailored policy recommendations report, which outlines the sector’s progress and provides recommendations for future development, has been submitted to the AIFC.

As one of the key outcomes of the exercise, IsDBI and AIFC jointly developed the Kazakhstan Islamic Finance Country Report 2024 (https://apo-opa.co/3B4GwFv) which H.E. the Governor of AIFC, H.E. Mr. Renat Bekturov, launched on 6 September during the Astana Finance Days. The report highlights the immense potential of Islamic finance in supporting Kazakhstan’s economic growth and development.

In his welcome address, H.E. Mr. Renat Bekturov noted: “This report not only provides a comprehensive overview of the Islamic finance industry but also highlights our shared vision for the future.  AIFC’s commitment to promoting Islamic finance is evident through favorable conditions offered to Islamic financial companies to operate in both the retail and corporate sectors. The report is an invaluable guide for investors, policymakers, and stakeholders.”

Commenting on the successful completion of the pilot exercise, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, stated, “We are delighted to have collaborated with the AIFC on this important initiative. The Kazakhstan Islamic Finance Country Report offers a valuable analysis of the sector’s current state and future prospects. We believe that the report, together with the IF-MAP policy recommendations submitted to the AIFC, will be instrumental in guiding policymakers, investors, and financial institutions as they work to harness the full potential of Islamic finance in Kazakhstan.”

The IsDB Institute remains committed to supporting the growth and development of the Islamic finance industry worldwide. Through its research, training, and capacity-building programs, the Institute seeks to contribute to the creation of a more inclusive and sustainable financial system.

The Kazakhstan Islamic Finance Country Report 2024 is accessible on IsDBI website here: https://apo-opa.co/4ge7jQ1

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

Media contact:
Habeeb Idris Pindiga
Associate Manager, Knowledge Horizons
Islamic Development Bank Institute (IsDBI)
Email: hpindiga@isdb.org

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About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://ISDBInstitute.org/  

In response to the escalating humanitarian crisis in Sudan, UNICEF Libya has received $1,750,000 in funding from USAID’s Bureau for Humanitarian Assistance (BHA). This support will significantly enhance UNICEF’s efforts to meet the urgent needs of Sudanese children and their families seeking safety in Libya.

“Children are bearing the brunt of this crisis, facing severe risks to their health, safety, and well-being,” said Mohammed Fayyazi, UNICEF Representative in Libya. “This generous contribution from USAID’s Bureau for Humanitarian Assistance is timely and crucial. It enables us to expand our emergency nutrition services to reach more children and families affected by the crisis in Sudan.” He added, “UNICEF is committed to working with the Libyan authorities and our partners to ensure these children receive the urgent support they need.”

In partnership with the Ministry of Health’s Primary Health Care Institute (MoH-PHCI) and other key stakeholders, UNICEF Libya is rapidly scaling up its response to meet the growing needs of these vulnerable populations, particularly children and pregnant and lactating women.

“The United States recognizes the importance of addressing this humanitarian crisis through this contribution and will continue to partner closely with UNICEF and Libyan authorities throughout”, stated Jeremy Berndt, Chargé d’Affaires of the U.S. Embassy to Libya.

This funding will enable UNICEF to reach thousands of crisis-affected children under five with essential nutrition support, including screening for malnutrition, providing micronutrient supplementation, and ensuring access to treatment for severe and moderate acute malnutrition.

Distributed by APO Group on behalf of United Nations Children’s Fund (UNICEF).

Seychelles will be assuming the role of Chair of the Contact Group on Illicit Maritime Activities (CGIMA), following the Contact Group’s second plenary meeting on Thursday 5th September 2024.

The Republic of Kenya, the outgoing Chair, has held the position since January 2020 and has played a key role in coordinating regional and international efforts to combat piracy and safeguard maritime security. This will be the second time that Seychelles leads the Contact Group, having first chaired it in 2009 when it was known as the Contact Group on Piracy off the Coast of Somalia (CGPCS).

With the renewed threat of piracy off the coast of Somalia, Seychelles will work with regional and international partners to address this resurgence, alongside tackling other illicit maritime activities such as drug and human trafficking, to ensure the continued safety and security of the Western Indian Ocean.

Distributed by APO Group on behalf of Ministry of Foreign Affairs and Tourism – Foreign Affairs Department, Republic of Seychelles.