The experience and the prospects of Islamic finance in Kazakhstan

Nasim Shah Shirazi · Laura Aibolovna Kuanova · Adilbek Ryskulov · Aziya Mukusheva

16 citations0/0 files storedQualitative Research in Financial Markets

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Islamic Finance and Banking Studies Finance, Markets, and Regulation Halal products and consumer behavior

Abstract

Purpose This paper aims to take stock of the Islamic finance experience and aims to identify an approach for further development in Kazakhstan, using qualitative and quantitative assessments. Design/methodology/approach The paper presents a conceptual framework based on literature review and content analysis. Furthermore, the study uses a survey-based methodology to collect data and determine the prospects, challenges and possible remedies. The quantitative parameters of the potential of Islamic finance in Kazakhstan are based on the assessment of funds on bank deposits, which can be considered potential resources for Islamic financial instruments. Findings The results suggest improving the legal framework and institutional environment to grow Islamic finance in the country. Raising trust levels in a Shariah-based system within the local population, reducing transaction costs and reducing information asymmetry allow raising public awareness of Islamic finance and integrating Islamic finance into the conventional financial system. Research limitations/implications This paper is not free from limitations and does not focus on implementing the suggested results. Social implications This work elaborates in what way the Islamic finance advancement affects the development of economics and focuses on co-financing of real asset-based projects, with the risk and loss sharing; charity; strict prohibitions on the financing of haram activities, pseudo-needs; and subordination of the individual’s interests to society. Originality/value The proposed study presents originalities and it identifies the significant challenges and barriers for further Islamic financial industry development in Kazakhstan by professionals survey. Furthermore, the study assesses potential Islamic finance assets and provides recommendations for successful Islamic finance advancement, considering the peculiarities of the national economy.

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References

2013Social reporting by Islamic banks: does social justice matter?1996Epilogue: economic performance through time 2012Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs the Realities of Islamic Finance 2019An integrated approach for building sustainable Islamic social finance ecosystems 2019A survey on Islamic Finance and accounting standards 2021Islamic social finance: a literature review and future research directions 2018Decoupling hypothesis of Islamic stocks: Evidence from copula CoVaR approach 2020Investigating the customers’ drivers of Islamic credit card loyalty and word of mouth

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