Assessment of Islamic Financial Institutions' Activities within the AIFC Jurisdiction and the Banking Sector of the Republic of Kazakhstan

Authors

  • N. Khudabaeva Almaty Management University, Doctoral student (Almaty, Kazakhstan)

Keywords:

Islamic finance, AIFC, banking sector, Islamic window, Sukuk, Murabaha, regional analysis, smart contracts, AAOIFI

Abstract

This article provides a comprehensive analysis of the evolution of Kazakhstan's Islamic financial infrastructure during the active reform period of 2024–2026. The author explores the dualistic regulatory model emerging at the intersection of the AIFC's English Common Law and the national legislation of the Republic of Kazakhstan. The paper presents the first detailed assessment of the effectiveness of "Islamic windows" in conventional Second-Tier Banks (STBs), provides a regional cross-section of demand, and identifies the role of digital technologies (smart contracts and tokenization) in ensuring sector liquidity.

Published

2026-03-22

How to Cite

N. Khudabaeva. (2026). Assessment of Islamic Financial Institutions’ Activities within the AIFC Jurisdiction and the Banking Sector of the Republic of Kazakhstan. Foundations and Trends in Modern Learning, (12). Retrieved from https://ojs.publisher.agency/index.php/FTML/article/view/8108

Issue

No. 12 (2026): Foundations and Trends in Modern Learning

Section

Economic Sciences

License

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.