Islamic banking is a fast-growing segment of financial services. This is due to both the growth of the Muslim population in the world and the penetration of modern technologies into the banking world. Despite their religious foundations, Islamic banks strive to maximize their profits like ordinary ones.
The principles of Islamic bank functioning can serve as a good example for many modern financial institutions, their goal is not only to make a profit by any means but to establish fair partnerships without harming people and the environment.
Despite significant progress, Islamic banking is still at an early stage of its development in Kazakhstan. That is why we have considered individual country development models and identified the main factors that contribute to the development of Islamic banking in the country in this work.
We note the significant unrealized potential of Islamic banking in Kazakhstan since a large number of people professing Islam live here, while the products of Islamic banks fully meet the current needs of both households and businesses.
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