Kazakhstan is seeking to issue a $500 million debut sukuk, Reuters reports. The nation is drafting new regulations, which will allow its finance ministry to sell sovereign sukuk before the end of this year.
Kazakhstan is also planning to attract up to $10 billion in Islamic finance over the next five to seven years. Abu Dhabi-based Al Hilal Bank started the first Islamic bank in Kazakhstan in 2010, while Malaysian trustee firm, Amanah Raya, is likely to set up the second Islamic bank later this year.
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