The Nature of Laws Related to Islamic Banking System in Kazakhstan
Abstract
This article highlights the essence of laws regarding Islamic Banking system in Kazakhstan. The Islamic financial system has proved a great success in a number of countries, including Saudi Arabia and Malaysia. I selected in this research a feasibility study of the use of the financial means adopted by Islamic financial institutions operating in Kazakhstan. The Communist ideology dominated Muslims of the Central Asia and influenced their ideological and cultural thought. However, since the demise of the USSR, Muslims are gradually seeking to revive Islamic culture. These efforts include establishing Islamic financial system. The implementation of Islamic banking system in Kazakhstan has led to several changes, such as promulgation and amendment of tax and banking laws in 2009. This article studies the laws related to Islamic banking system in Kazakhstan.
Keyword
Islamic Banking, Laws, Financial System, Kazakhstan
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