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GLOBAL: NASDAQ Dubai and
Kazakhstan Stock Exchange (KASE) will explore opportunities together to
further the Islamic capital markets proposition, a move anticipated to spur
cross-border Islamic investments. The two bourses this week agreed to pool
resources to jointly develop initiatives in a bid to bring the markets of
Dubai and Almaty closer; this includes building links between central
securities and forming stronger cooperation within the Shariah capital
market space.
“Kazakhstan's ties to the UAE are growing in importance in various sectors
ranging from economic and financial to social and cultural. I believe that
as our two nations cooperate further there will be growing synergies
between KASE and NASDAQ Dubai,” said Maxat Kabashev, CEO of KASE, in a
statement.
Both the UAE and Kazakhstan have built strong cases for Islamic finance:
with the former, an established Islamic financial market, surging forward
to transform Dubai into the Islamic economy capital of the world, and the
latter being the torchbearer for Shariah finance in the Central Asian
region.
While Kazakhstan’s Islamic finance and banking industry may still be small;
however, the country is committed to turn things around, even putting in
place a roadmap towards developing itself into an Islamic finance hub. With
interest from several domestic banks to convert into Islamic banks, the
Shariah capital market – one of the most sophisticated in the region – is
also making steady progress. The Development Bank of Kazakhstan in 2012
became the first entity in the region to issue Sukuk and it again tapped
the market earlier in January. And now with the agreement with NASDAQ
Dubai, a leading Sukuk listing destination with a total listing nominal
value of US$25.7 billion, not only can the Republic leverage NASDAQ Dubai’s
deep expertise and network but the Dubai bourse will also have wider access
to the Central Asian region.
“We look forward to creating new links and relationships to provide
attractive options for investors and ready access for issuers to new
capital,” said Kabashev.
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