The role of Islamic banking windows in the development of Islamic finance and the prospects for implementation in Kazakhstan

Abstract

This master’s thesis is intended to reveals the problem of weak development of the Islamic finance industry in Kazakhstan. To solve it, the researcher offers the most effective solution - the introduction of Islamic windows. The purpose of this study is to find out whether Islamic windows are really necessary for the development of the Islamic finance industry in Kazakhstan The researcher will reveal the history of the development of the Islamic finance industry in Kazakhstan, the official position of the government of Kazakhstan, the experience of other countries and how Kazakhstan can apply their experience, and also talk about the benefits of introducing Islamic windows for clients (SMEs and individuals), traditional banks and the state. As a study design, the researcher used qualitative research - interviews with industry experts in Kazakhstan. The introduction of Islamic windows would give a sharp and necessary boost to the development of the industry, but it also carries a number of risks and will require direct intervention in the development process and a very clear development plan from the state government, but at the moment the government is not able to resolve this issue