Shariah Experts Shaping the Future of Islamic Finance

Partnership in Wealth — Партнёрство в благом

Pioneer in Islamic Finance consulting in the CIS Region. Deep theoretical and practical knowledge driving Shariah-compliant solutions in Kazakhstan and beyond.

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20+

Years of Experience

$500M+

Funds Mobilized

12+

Shariah Boards

Islamic Financial Instruments

End-to-end Shariah advisory and strategic support for financial institutions, investment funds, and government initiatives.

Shariah Supervisory Board Services
Product Structuring and Certification
Capital Markets and IPO Advisory
Capacity Building and Training

● About IFI Ltd

Pioneering Islamic Finance in Central Asia

Islamic Financial Instruments (IFI) is a licensed Shariah consulting company registered in the Astana International Financial Centre (AIFC), offering a unique range of advisory services built on decades of expertise.

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Shariah Compliance

Full compliance with AAOIFI standards and international Shariah principles across all financial instruments.

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Global Reach

Advisory spanning Kazakhstan, CIS, GCC, Malaysia, Turkey, and OIC member countries.

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Legislative Impact

Key contributors to Kazakhstan's Islamic Banking Law and the AIFC Islamic finance regulatory framework.

2003

Two Decades of Excellence

From executing Kazakhstan's first Murabaha transactions in 2003 to shaping national legislation, developing AIFC's Islamic finance framework, and collaborating with the Islamic Development Bank and Eurasian Development Bank — IFI has been at the forefront of every milestone in the region.

● Company History

Key Achievements

A track record of milestones in Islamic finance development across Kazakhstan, Central Asia, and the broader CIS region.

2003–2005

Executed the first Murabaha trade finance transactions in Kazakhstan totaling approximately USD 100 million, establishing one of the earliest practical precedents for Shariah-compliant trade finance in the region through BTA Bank JSC.

2006

IFI Shariah advisors began serving as Shariah Supervisory Board (SSB) members and advisors to numerous financial institutions across Kazakhstan and the CIS, developing extensive expertise in:

Establishing Shariah governance frameworks
Product structuring and certification
Shariah audit and compliance oversight
Advisory for Islamic banks, fintech, investment funds, and Islamic windows

2006–2007

Arranged and distributed an Islamic financing facility of approximately USD 200 million, representing one of the earliest large-scale placements of Shariah-compliant funds among Kazakh corporate clients.

2009

Actively contributed to the drafting and legislative process of the Law on Islamic Banking in Kazakhstan, which came into force in February 2009.

Participated in working groups of both the Majilis and Senate as official consultants to the Financial Supervision Agency
Supported development of the regulatory framework for Islamic finance in Kazakhstan

2023

IFI Shariah advisors led the development of key analytical reports commissioned by the AIFC in collaboration with the Islamic Development Bank Institute (IsDBI):

Islamic Finance Country Report for Kazakhstan
Comprehensive market analysis assessing demand for Islamic financial services

2024–2025

IFI Shariah advisors collaborated with the Eurasian Development Bank (EDB) on Islamic finance product development initiatives:

Structuring Shariah-compliant financial solutions
Alignment with regional legal frameworks
Supporting introduction of Islamic finance instruments within development finance institutions

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Present

Licensed Shariah advisory practice registered within the AIFC providing end-to-end Islamic finance advisory, structuring, governance, and regulatory support across multiple jurisdictions. Clients include banks, investment funds, takaful operators, fintech startups, government authorities, and multilateral institutions.

Advisory strengthened by internationally recognised Shariah board leadership including HSBC Amanah (Malaysia), FBNQuest (Nigeria), Ayady Takaful (Maldives), Munich Re (Malaysia), IMAN (Uzbekistan), Taj Bank (Nigeria), One17 Capital (Nigeria), and other institutions globally.

● Our Team

World-Class Shariah Experts

Our team combines deep academic credentials with decades of hands-on experience in Islamic finance across multiple continents.

Associate Professor and Principal Researcher

Dr. Ziyad Mohammed

International Expert — 25+ Years in Islamic Finance

Associate Professor at INCEIF University, Visiting Fellow at Oxford Centre for Islamic Studies. Chairman of HSBC Amanah Shariah Board since 2017. Senior Consultant to the World Bank. Over 90 scientific publications.

PhD Islamic FinanceHSBC AmanahWorld BankINCEIFOxford

Coming Soon

To Be Announced

Expert in Islamic Finance

Details coming soon.

Expert in Islamic Finance, Law and Regulation

Diyas Moldabayev

Certified Shariah Advisor and Auditor (CSAA — AAOIFI)

Heads the Kazakhstan branch of CSQ Law (Malaysia). Structured Sukuk issuances, managed projects with IsDB and Eurasian Development Bank. Developed Islamic mortgage products for Otbasy Bank. Regular contributor to Islamic Finance News Malaysia.

CSAA — AAOIFILLM CandidateIsDBSukuk

✦ Our Services

Comprehensive Shariah Advisory

End-to-end support structured across four core pillars of Islamic financial consulting.

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Shariah Supervisory Board Services

Establishment of credible Shariah Boards, product review and certification, audit and compliance monitoring, and issuance of Shariah resolutions (Fatwas).

Sukuk, Mortgages and Takaful Certification
AAOIFI Standards Compliance
Fatwa Issuance and Advisory

Capacity Building and Training

Tailored training programs and workshops for management, staff, and regulators covering fundamental principles to advanced Islamic capital markets.

Islamic Finance Fundamentals
Core Instruments: Murabaha, Ijara, etc.
Takaful and Capital Markets

Transaction Support and Product Structuring

End-to-end Islamic financial product development including documentation, operational flows, and real-time deal structuring for all market segments.

Islamic Trade and Project Finance
Retail: Mortgages, Auto, Credit Cards
SME: Mudaraba and Musharaka

Strategic Partnering and Capital Raising

Investor outreach across GCC, Malaysia, and Turkey. IPO advisory, fund formation, and access to long-term Shariah-compliant financing structures.

DFM and Bahrain Bourse IPO Placement
Mutual Funds, REITs and Private Equity
ESG and Halal Certification Advisory

Our Client Base

Services are delivered to a broad institutional client base across multiple sectors and jurisdictions.

Financial Institutions and Banks — including Otbasy Bank, Optima Bank, Bakai Bank, and development finance stakeholders including the Eurasian Development Bank

Investment Funds and Sukuk Issuers — capital market structuring assignments and Shariah certification mandates in Kazakhstan and the wider CIS region

Insurance and Takaful Operators — Islamic finance ecosystem participants internationally

Islamic Fintech Startups — regulatory structuring and Shariah governance advisory

Government and Multilateral Initiatives — projects linked to AIFC and Islamic Development Bank Institute (IsDBI)

Regulatory Licensing within AIFC — AJR Finance Ltd. (fintech platform authorisation) and Hajj Finance Company Kazakhstan Limited (licensing and Shariah governance)

Global Shariah Board Representation: HSBC Amanah (Malaysia), FBNQuest Asset Managers (Nigeria), Ayady Takaful (Maldives), Munich Re (Malaysia), IMAN Islamic Fintech (Uzbekistan), Taj Bank (Nigeria), One17 Capital (Nigeria), and other institutions globally.

Geographical coverage spans Kazakhstan, Central Asia, the CIS region, and selected emerging Islamic finance markets globally — combining regulatory expertise, Shariah governance capability, and practical structuring experience across banking, capital markets, fintech, and development finance sectors.