Atameken Business Channel interviews Director General about Islamic Finance and IOFS activities within AIFC state program

28 October 2019

On October 28th, Atameken Business Channel interviewed Director General of IOFS Mr. Yerlan Baidaulet and Ambassador of Malaysia to Kazakhstan H.E. Mr. Syed Mohamad Bakri about Islamic finance and investments on “Qarzhy” talk show in Nur-Sultan, Kazakhstan.
Mr. Baidaulet discussed history of Islamic banking in Kazakhstan, its advantages and differences from conventional banking. On his side Mr. Bakri spoke about the role of Islamic banking in the world and how it aids the global economy. Mr. Bakri noted that Islamic finance by no means replaces conventional banking, rather it complements it. Islamic finance had been gaining popularity among both muslim and non-muslim populations due to its cost-effective and efficient operations. Mr. Bakri also shared Malaysia’s experience in Islamic finance, which owed its success to not only strong encouragement from state but also to increasing demand from customers. Mr. Baidaulet noted that Islamic banking had been gaining more popularity in Kazakhstan in recent years and is being spoken about more often.

Mr. Baidaulet also mentioned the role of Islamic finance in food security and rural development in Muslim countries. Director General briefed the Atameken Business Channel about IOFS history and the General Assembly held recently in August in Jeddah. Mr. Baidaulet noted that many countries had been expressing interest in membership of IOFS since and that there’s potential that a few more may join IOFS in the next few months. Director General also spoke about the need to develop halal industry in Islamic countries, as much of the halal food consumed in Muslim states comes from non-muslim countries. In addition, Director General briefed about one of IOFS projects, Islamic Food Processing Association (IFPA), in which IOFS strives to bring food producers together and improve food quality standards in the region.
Following the interview, the moderator of the show, Mrs Taizhanova thanked the participants and wished them best of luck in their activities. Director General expressed hope that Malaysia joins IOFS in near future. H.E. Mr. Bakti replied that the government of Malaysia is working on this issue and hoped for its positive resolution.

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