During the “Islamic Finance Week” organized by Astana International Finance Center, it was revealed that Kazakhstan is playing a vital role in promoting and developing Islamic banking in central Asian states, said CEO AlHuda Center of Islamic Banking and Economics, Zubair Mughal.
Development of Islamic banking impacts not only central Asian states including Tajikistan, Uzbekistan, Turkmenistan, and Kirgizstan but also neighboring regions including Balkan and Caucasus.
It is great to see Islamic banking with its core services such as; Takaful, Islamic Microfinance, Sukuk and Islamic Capital Market are persistently developing. Central Asian countries with the development of Islamic finance will be closer to Islamic countries around the world. The development of Islamic finance would bring in more Foreign Direct Investment in those countries which have a potential to be a strong base for development, he added.
Islamic finance is facing one major obstacle in these countries that people have misconceptions and lack of understanding about Islamic finance, language becomes another barrier, but these problems can be eliminated with effective and well-managed awareness campaigns along with translated material in local languages.
Social media is an effective tool to spread awareness, which can be used for promotional campaigns; publications would also make a difference to promote Islamic banking in those countries.