Development of Cooperation in Islamic Finance Between Kazakhstan and Malaysia

On August 28, 2026, with the support of The Chamber of International Commerce of Kazakhstan, a meeting was held with Anderson Chua, founder of STRARION ADVISORY Sdn. Bhd., at the office of the Malaysia External Trade Development Corporation, MATRADE, in Almaty. During the negotiations, the parties discussed opportunities to expand cooperation in Islamic finance between Kazakhstan and Malaysia.

For reference: STRARION ADVISORY Sdn. Bhd. is a Malaysian company providing strategic consulting services aimed at strengthening institutional ties between ASEAN and Central Asian countries. The company’s activities cover areas such as corporate governance, investment, Islamic finance, and cross-border partnerships.

During the meeting, Serik Amirov, Special Representative of The Chamber of International Commerce of Kazakhstan in ASEAN countries, noted that there is currently considerable interest in expanding cooperation in Islamic finance between Kazakhstan and Malaysia. In particular, according to the 2023 Global Islamic Finance Market Report, Kazakhstan has one of the most developed regulatory frameworks for Islamic finance in the region, while currently realizing less than 1% of its potential. Under the regulatory framework of the Astana International Financial Centre, organizations are permitted to conduct a full range of Sharia-compliant activities, including Islamic banking, Islamic financing, takaful and retakaful, Islamic fund management, and the issuance of shares and sukuk. The market potential of the country’s retail segment is estimated at up to KZT 6.87 trillion, while expressed demand in the corporate segment exceeds KZT 760 billion annually.

In turn, Anderson Chua, founder of STRARION ADVISORY Sdn. Bhd., noted that establishing reliable institutional corridors connecting ASEAN and Central Asian countries through mechanisms for attracting private capital and engaging with the real sector of the economy is of great importance today. Given that Kazakhstan places considerable emphasis on developing such areas as industrial production, smart cities, Islamic finance, and others, Malaysia’s experience can contribute to strengthening these emerging ecosystems and facilitate the creation of reliable cross-border investment corridors.

Yernazar Zakir, Deputy Chairman of the Board of Al Saqr Group, noted that having a full range of regulatory approvals, including a banking licence within the AIFC, enables the company to transform its accumulated experience and successful partnership programmes with banks into a scalable digital ecosystem. The high quality of collateral coverage in the real sector and the diversification of income across conventional leasing, digital banking, and fintech ensure a high degree of reliability and investment attractiveness for Al Saqr Group.

Following the meeting, both parties confirmed their readiness to establish closer cooperation in implementing effective mechanisms for the development of the Islamic finance market, exchanging information, establishing contacts, attracting potential partners, providing consulting services, and other areas.