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AIFC, World Islamic Economic Forum Foundation sign agreement 

ASTANA. KAZINFORM - Astana International Financial Centre (AIFC) and World Islamic Economic Forum (WIEF) Foundation have signed an agreement today whereby the 14th WIEF will be held on 4 July 2018 within the framework of AIFC international presentation in Astana, Kazakhstan, Kazinform has learnt from the AIFC's press service. 

The annual World Islamic Economic Forum was founded by WIEF Foundation in 2006 with the support of the Government of Malaysia. WIEF is a world-class business platform showcasing business opportunities in the Muslim world. The Forum seeks to promote cooperation between Muslim entrepreneurs, companies, and governments in member states of the Organization of the Islamic Conference. Following the 2017 Islamic Finance Development Report by Thomson Reuters, the Islamic finance industry will continue to flourish and is predicted to reach USD 3.8 trillion by 2022, from USD 2.2 trillion at the end of 2016. Considering this fact, Islamic finance as one of the key pillars of AIFC activities can be a potential source of foreign investment in the Republic of Kazakhstan.

The hosting of the 14th WIEF in Astana will assist the establishment of AIFC as a regional hub of Islamic finance for CIS, Western and Central Asian countries and will ensure the promotion of AIFC activities in the OIC countries' business community. The 14th WIEF expects to attract over a thousand attendees and role players from all over the world.  

Reference: AIFC: In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law "On the Astana International Financial Centre" (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet Region Common law framework is introduced in the AIFC. English is the official language of the AIFC. 

The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, to ensure their integration with the international capital market, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan. 

World Islamic Economic Forum (WIEF) Foundation is a not-for-profit organisation based in Kuala Lumpur, organises the annual World Islamic Economic Forum, a world-class business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the Foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe. The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, the United Kingdom and United Arab Emirates and aims to bring together Muslim and non-Muslim communities through the common language of business. The 14th World Islamic Economic Forum is going to be held in Astana, Kazakhstan on 4 July 2018.