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
It is a condition of publication in this journal that authors assign copyright or license publication rights of their articles to the Islamic Research Institute, International Islamic University,Islamabad. This enables IRI to ensure full copyright protection and to disseminate the article, and of course the journal, to the widest possible readership in print and electronic formats as appropriate. Furthermore, the authors are required to secure permission if they want to reproduce any figure, table, or extract from the text of another source. This applies to direct reproduction as well as "derivative reproduction" (where you have created a new figure or table which derives substantially from a copyrighted source).
