• Ешқандай Нәтиже Табылған Жоқ



Academic year: 2023



Толық мәтін

Abstract "Role of Islamic Banking Windows in the Development of Islamic Finance and Prospects for Implementation in Kazakhstan". Abstract "Role of Islamic Banking Windows in the Development of Islamic Finance and Prospects for Implementation in Kazakhstan". The master's thesis is aimed at revealing the problem of the weak development of the Islamic finance industry in Kazakhstan.

To solve it, the researcher offers the most effective solution - the introduction of Islamic windows. The purpose of this study is to find out whether Islamic windows are really necessary for the development of the Islamic finance industry in Kazakhstan. The introduction of Islamic windows would give a sharp and necessary impetus to the development of the industry, but it also carries a number of risks and will require direct intervention in the development process and a very clear development plan from the state government, but At the moment the government is unable to resolve this issue.


A recent study (Bernardo, 2014) argued that: “Islamic banking, also called Islamic finance or Sharia-compliant finance, refers to financial or banking activities that adhere to Sharia (Islamic law)”. In fact, Islamic financial institutions provide Islamic financial instruments for everyone (Muslims and non-Muslims). However, with 'Islamic credit' the interest is replaced by a surcharge (the amount on top of the principal amount).

It is necessary to go to the mosque and pray in order to use Islamic banking products. Ethics and the right ethical messages are at the heart of Islamic finance, but users of Islamic financial products do not necessarily go to a mosque and pray. This study will describe the impact that Islamic windows will have on SME businesses, banks and the economy of Kazakhstan if allowed.

Literature review

For a deeper understanding of the essence of the problem, we should pay attention to the history of the development of Islamic finance in Kazakhstan. Insufficient awareness of the population about the possibilities and characteristics of Islamic banking and its products. This idea of ​​the importance of Islamic windows for the development of the Islamic financial industry in Kazakhstan was highlighted in discussions among highly respected representatives of this field.

In the following sections, the specific financial instruments of Islamic finance and more detailed explanations of the benefits follow. The former head of the National Bank of Kazakhstan Akishev (quoted in Capital 2018, p.1) notes: “The Islamic finance market in Kazakhstan is at an early stage of development. AIFC is a center for Islamic finance in Kazakhstan and Islamic finance and Islamic windows are permitted under AIFC.

Main body

One of the closest examples of the successful development of Islamic finance in the CIS is EcoIslamicBank in the Kyrgyz Republic, which was established as Islamic Windows. In 2005, the head of the Kyrgyz Republic instructed the state authorities to work out options for solving the population credit problem, during which it turned out that in the long run the most effective solution is the introduction of Islamic principles along with the existing ones. traditional financing principles. If we draw an analogy with Kazakhstan now, then thanks to AIFC's activities, Kazakhstan has partially solved the problem with the regulatory framework, in particular the problem of double taxation, but otherwise, other problems are important for Kazakhstan.

The bank's main customers are SMEs, because the bank offers them more favorable conditions than regular banks. For example, one of its features is that when granting a loan, the bank acts not as a lender, but as an investor, and for this reason the bank is interested in the success of the business, which allows entrepreneurs to receive money quickly and easily. service of the bank. To solve the problem of the lack of qualified specialists, EcoIslamicBank established the Barakat Educational Center, which trains future employees and collaborates with other financial institutions.

Alijon Ravshanov also said: "In the event that unjustified sources of income arise in the assets of the Islamic window, and provided that these incomes do not constitute a large part of the total income, the Islamic window shall apply to such incomes. of "cleansing" prescribed by Sharia. Uzbekistan must have a Sharia Council for the activities of the Islamic window of a traditional bank to comply with Sharia law. Islamic finance in Uzbekistan is promising because of the support of the government and the characteristics of the people, which in the future can improve the financial condition of the economy and the state.

The current situation can lead to both the collapse and the rapid development of Islamic finance in Tatarstan. To understand the possibilities of developing Islamic finance through Islamic windows, consider the case of Malaysia, where the successful implementation of Islamic windows led to the development of the country's economy. As a significant part of Malaysia's population were Malays, after independence they began to demand the satisfaction of their religious and economic needs.

Such transactions, as well as giving money at interest, are prohibited by Sharia and are one of the grave sins (I. A. Zaripov). Creating conditions for the attractiveness of the business model of Islamic finance not only for Muslims, which will significantly increase the customer base, will also attract traditional financial institutions to the Islamic market by opening branches (Islamic windows); This means that the customer approached the bank and that the bank sold and bought precious metals on behalf of the customer and thereby made a profit, which he gave to the customer in the form of cash.

Fieldwork analysis

Development Bank, which was reflected in a sharp increase in the number of Islamic windows in Uzbekistan (as described above). Specific requirements for banks of the national bank and the policy of the national bank to reduce the number of operating banks. Since Kazakhstan shows a strategy for growth, as well as such cases as the fall of Astana Bank and other banks, the National Bank of Kazakhstan is also stricter requirements for banks, which are expressed in the policy of the National Bank.

One of the features of Islamic finance is the impossibility of granting loans to clients for working capital. Berdibayeva in her article in Cabar.Asia (2018) mentioned one of the reasons for the success of the Islamic window in Kyrgyzstan. By analogy with Kyrgyzstan, about 15% of the population of Kazakhstan would use Islamic financial products (many of them would use them despite the high cost).

Today, Al-Hilal cannot provide the full range of services and tools available in Islamic finance to reach different types of populations because its strategy focuses only on large companies. According to some respondents, Islamic countries help Islamic banks finance other countries, especially in those that appear potentially successful (such as Kazakhstan), but I cannot confirm or refute this hypothesis. The benefits for the government are economic diversification, diversification of financing, financing of the real sector of the economy, greater coverage of the population through financial opportunities, financial inclusion, new sources of financing, new taxpayers and therefore additional sources of revenue.

The disadvantages include the need to invest time and effort, and the risk that it will become idle due to a lack of understanding of the general principles by the population. The D is the respondent of the interview who was familiar with all the possibilities that Islamic banks can offer. Thus, for the effectiveness of the Islamic window, an employee experienced in managing the operations of a conventional bank with training in the field of Islamic banking must manage the sales process.

The purpose of the analysis was to define which regions of Kazakhstan are most promising. I specifically choose the gross value added indicator as it excludes the public sector and shows a more realistic picture of the economy. Loans of Islamic windows based on assets increase the real sector of the economy and make the banks more stable in the world crises.


The opening of Islamic windows will allow Muslims who have not previously used ordinary banks to use the services of a bank correctly (regarding faith) and profitably. Kazakhstan: Support to Small and Medium Enterprises and Entrepreneurship Development” ( https://www.adb.org/projects/51406-001/main. Development Of Islamic Windows Of. https://islamicmarkets.com/publications/development-of - islamic-windows-of-conventional-banks).

Islamic Banking, “Islamic Banking,” https://www.islamic-banking.com/explore/islamic-finance/islamic-banking#Links. 34;The Current State of Islamic Banking in Kazakhstan". https://www.banker.kz/blogs/TMussin/the-current-state-of-islamic-banking-in-kazakhstan.php). 34;Why Islamic Finance is not developed in Kazakhstan." Kapital.kz. https://kapital.kz/finance/67125/pochemu-islamskoye-financirovaniye-ne-razvito-v-kazakhstane.html).

Why should Kyrgyzstan develop Islamic banking?» CABAR.Asia. https://cabar.asia/en/why-would-kyrgyzstan-develop-islamic-banking). 34;Moody's: the government of Kazakhstan intends to increase the share of Islamic banking assets" www.forbes.kz. https://forbes.kz//finances/moodys_pravitelstvo_kazahstana_namereno_uvelichit_d olyu_islamskih_bankovskih_aktivov/: The role of the entrepreneurial banks. evidence from Bahrain. " International Journal of Entrepreneurship.

Small to Medium Enterprises (SME) (https://stat.gov.kz/official/industry/139/statistic/7). https://www.britannica.com/place/Kazakhstan). https://www.britannica.com/place/Malaysia#ref52524). In 2018, the former head of the National Bank of Kazakhstan, Daniyar Akishev, cited as reasons for the weak development of Islamic finance: lack of awareness among the population, lack of a branch network of current Islamic banks, high cost of Islamic financial products in comparison with traditional products. What impact would the theoretical opening of Islamic windows have on SMEs, banks and the economy of Kazakhstan?

Describe your research design and how human participants will be involved The research study questions were: How can Islamic windows help entrepreneurs develop and what are the benefits of Islamic windows to customers, conventional banks and the country.

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