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Kazakhstan Continues to Develop its Islamic Finance

Islamic finance is the fastest-growing segment of the global banking industry, with more than 300 banks offering Sharia-compliant products and services.

Kazakhstan, Central Asia’s largest economy, is leading the region’s modern expansion of this ethical finance system.

  • Written by Gabe Kirchheimer and Arif Durrani for Bloomberg Media Studios.
  • Bloomberg

The Islamic banking sector, based on ethical principles codified some 1,400 years ago, represents roughly $1.7 trillion or 70% of total Islamic finance assets, with commercial banking accounting for the majority.

Digitalization is providing a major boost to this form of banking, which has the potential to grow to $3.8 trillion in assets by 2023—with an…

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