Problems of Development of Islamic Financing in Kazakhstan: Financial and Legal Aspects

Abstract

Objectives: In terms of the development of financial system of Kazakhstan the issues of implementation of principles and basic institutes of Islamic financing in the financial and legal systems are of much importance. Methods/ Statistical Analysis: In order to define the features of Islamic financial institutes in terms of economic and legal situation of Kazakhstan the basic principles and normative legal acts at different levels and of different areas are analyzed. Findings: Basic institutes and principles of Islamic financing and the possibility of their implementation in the Republic of Kazakhstan are established. The Republic of Kazakhstan is in the process of alteration of acting legislation in order to comply with the requirements of Islamic financing. The main features of adaptation of Islamic financing institutes and principles within the economic and legal system of Kazakhstan are defined. Main directions of development of financial and legal systems of Kazakhstan are determined on the basis of studying the results of research. Application / Improvements: The results shown in this paper can be used to improve the current financial system and acting legislation regulating process of implementation of Islamic financing in the Republic of Kazakhstan.