MANAMA: The National Bank of Kazakhstan, the central bank and financial services regulator, has taken up membership in Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

The signing ceremony to commemorate the membership was held yesterday at WIBC 2014.

The agreement was signed by National Bank of Kazakhstan deputy governor Nurlan Kussainov and AAOIFI secretary-general Dr Hamed Hassan Merah.

Dr Merah said the membership would allow AAOIFI to work more closely with the National Bank of Kazakhstan and the finance industry in the country to support continuing development of Islamic finance.

‘The membership gives us an opportunity to gain from the international experience in development of Islamic finance industry,’ Mr Kussainov said.

‘It will also help us to benefit from recommendations of international experts and financial institutions, and to participate in workshops and conferences organised by AAOIFI,’ he added.

Kazakhstan introduced law and regulations for operations of Islamic financial institutions in early 2009.

This then led to establishment of the first Islamic bank (Al Hilal) and the first Islamic insurance (Takaful) company in 2010.