{"id":4536,"date":"2026-07-12T18:49:20","date_gmt":"2026-07-12T13:49:20","guid":{"rendered":"https:\/\/bondstonelaw.com\/?page_id=4536"},"modified":"2026-07-12T21:15:33","modified_gmt":"2026-07-12T16:15:33","slug":"afsa-islamic-finance-licensing","status":"publish","type":"page","link":"https:\/\/bondstonelaw.com\/ru\/afsa-islamic-finance-licensing\/","title":{"rendered":"AFSA Islamic Finance Licensing"},"content":{"rendered":"

AIFC  \u00b7  ISLAMIC FINANCE<\/p>\n

AFSA Licensing \u2014 Islamic Finance<\/h1>\n

Bond Stone advises on AFSA Islamic finance licensing within the AIFC \u2014 Islamic banking, Takaful insurance, Islamic financing, and Shariah-compliant investment structures. The AIFC has made Islamic finance a strategic priority for the Central Asian market.<\/p>\n

The AIFC has established an international Islamic Finance Advisory Board with experts from the UAE, Saudi Arabia, Bahrain, Malaysia, Turkey, and Kazakhstan \u2014 positioning Astana as the gateway for Shariah-compliant financial services across the EAEU’s 180 million consumer market. Kazakhstan’s Muslim-majority population and its position between Gulf capital markets and Central Asian growth economies makes the AIFC an increasingly attractive Islamic finance jurisdiction.<\/p>\n

Governed by: AIFC Financial Services Framework Regulations; AFSA Islamic Banking Business Rules; AFSA Islamic Finance Rules; AIFC Takaful Rules. Authority: afsa.aifc.kz<\/a><\/p>\n

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Islamic Finance Regulated Activities<\/h2>\n
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Islamic Banking Business<\/p>\n

Conducting banking business in compliance with Shariah principles \u2014 accepting deposits and providing financing through Murabaha (cost-plus financing), Ijara (leasing), Musharaka (partnership), and Mudaraba (profit-sharing) structures. Governed by AFSA Islamic Banking Business Rules.<\/p>\n<\/p><\/div>\n

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Providing Islamic Financing<\/p>\n

Providing Shariah-compliant financing arrangements \u2014 trade finance (Murabaha), project finance (Istisna), and structured finance using Islamic instruments. An alternative to conventional credit provision for clients requiring halal financing solutions.<\/p>\n<\/p><\/div>\n

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Managing a Restricted Profit Sharing Investment Account<\/p>\n

Managing investment accounts where returns are based on profit-sharing (Mudaraba) arrangements rather than fixed interest. A Shariah-compliant alternative to conventional discretionary investment management \u2014 used by Islamic asset managers and wealth managers.<\/p>\n<\/p><\/div>\n

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Takaful Business<\/p>\n

Shariah-compliant insurance \u2014 participants contribute to a mutual indemnity pool based on the principle of Tabarru (donation). AIFC Takaful framework supports Family Takaful (life-equivalent, covering savings and protection) and General Takaful (non-life property, liability, and health).<\/p>\n<\/p><\/div>\n<\/div>\n

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Key Shariah Structures Used in AIFC Islamic Finance<\/h2>\n\n\n\n\n\n\n\n
Structure<\/th>\nApplication<\/th>\n<\/tr>\n
Murabaha<\/td>\nCost-plus financing \u2014 seller purchases an asset and sells it to the buyer at a disclosed markup. Used for trade finance, consumer finance, and commodity financing.<\/td>\n<\/tr>\n
Ijara<\/td>\nIslamic leasing \u2014 the financier purchases an asset and leases it to the client. Used for real estate finance, equipment finance, and aircraft finance.<\/td>\n<\/tr>\n
Musharaka<\/td>\nPartnership financing \u2014 both parties contribute capital and share profits and losses. Used for project finance, joint ventures, and equity participation structures.<\/td>\n<\/tr>\n
Mudaraba<\/td>\nProfit-sharing arrangement \u2014 one party provides capital, the other provides expertise and management. Used for investment funds, restricted profit-sharing accounts, and Takaful structures.<\/td>\n<\/tr>\n
Sukuk<\/td>\nIslamic bonds \u2014 certificates representing ownership in an underlying asset or pool of assets. Listed on the Astana International Exchange (AIX). Green Sukuk issuances have been listed at the AIFC.<\/td>\n<\/tr>\n<\/table>\n
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AIFC \u2014 Central Asia’s Islamic Finance Gateway<\/p>\n

\u2726  International Islamic Finance Advisory Board established \u2014 UAE, Saudi Arabia, Bahrain, Malaysia, Turkey, and Kazakhstan experts<\/p>\n

\u2726  Green Sukuk and conventional Sukuk listed on Astana International Exchange (AIX)<\/p>\n

\u2726  EAEU market access \u2014 180 million consumers across Kazakhstan, Russia, Belarus, Armenia, and Kyrgyzstan<\/p>\n

\u2726  0% CIT exemption until 2066 \u2014 tax-efficient base for Gulf capital deploying into Central Asia via AIFC Islamic finance structures<\/p>\n<\/div>\n

Primary authority: afsa.aifc.kz<\/a><\/p>\n

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Discuss your Islamic finance licence<\/h2>\n

Contact Bond Stone for a confidential discussion about AFSA Islamic finance licensing and Shariah-compliant structuring within the AIFC.<\/p>\n

\n\ud83d\udce7 info@bondstonelaw.com<\/a>
\n\ud83d\udcde +7 (701) 729 76 72<\/a>\n<\/p>\n

\nRequest a Confidential Consultation<\/a>
\n\u2190 AFSA Licensing Hub<\/a>
\nCapital Markets \u2192<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AIFC  \u00b7  ISLAMIC FINANCE AFSA Licensing \u2014 Islamic Finance Bond Stone advises on AFSA Islamic finance licensing within the AIFC \u2014 Islamic banking, Takaful insurance, Islamic financing, and Shariah-compliant investment structures. The AIFC has made Islamic finance a strategic priority for the Central Asian market. The AIFC has established an international Islamic Finance Advisory Board […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4536","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"ru","enabled_languages":["en","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/comments?post=4536"}],"version-history":[{"count":3,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4536\/revisions"}],"predecessor-version":[{"id":4568,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4536\/revisions\/4568"}],"wp:attachment":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/media?parent=4536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}