The cooperation agreement was signed by the Chairman of the Board of Commissioners of the OJK, Muliaman D Hadad, and AIFC Governor Kairat Kelimbetov here on Thursday.
"OJK and AIFC will work together to support the development of a good financial supervision mechanism, conventional financial markets, and Sharia," said Hadad.
Both parties will share knowledge and expertise (with capacity development programs) on the supervision of financial institutions, focusing on areas such as market conduct and prudential standards.
In addition, the OJK and AIFC also shared information on the development of products and financial markets, crisis management and resolution at financial institutions, the reform of global supervision, and cooperation at international forums.
The signing of the agreement was preceded by bilateral meetings between the OJK and AIFC to discuss Islamic finance technology (fintech), financial inclusion, capacity building, training, and prudential standards.
AIFC was formed in 2015 as an initiative of the Kazakhstan president, Nursultan Nazarbayev, to make the country a leading financial center and financial hub for the countries of Central Asia, the Caucasus, the Middle East, and Europe, as well as for Western China and Mongolia.
AIFC aimed to attract foreign investment, open up the banking sector, facilitate the entry of business of insurance companies and Islamic financial institutions to Kazakhstan, and attract leading global financial services that can ultimately help Kazakhstan establish best practices, create stability, and boost economic growth.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2016
