GLOBAL EXPERIENCE AND PROSPECTS OF ADAPTATION OF ISLAMIC BANKING IN KAZAKHSTAN

Abstract

Islamic banking is a fast-growing segment of the global financial system, demonstrating resilience even in conditions of economic instability. Kazakhstan, which has considerable potential for developing Islamic finance, is lagging in its integration due to limited public awareness, insufficient Islamic financial instruments, and an imperfect regulatory framework. This article considers the international experience of the development of Islamic banking in Malaysia, UAE, Saudi Arabia, and the United Kingdom and analyzes the possibilities of its adaptation in Kazakhstan. Methods of comparative analysis, case studies, and SWOT analysis are used. The results of the study show that Kazakhstan can significantly accelerate the development of Islamic banking by adopting successful mechanisms from foreign practices, including precise regulation, diversification of financial instruments, and integration with international financial centers. The study's findings may be helpful for state authorities, commercial banks, and investors interested in developing the Islamic financial sector in Kazakhstan