The Islamic financial system in comparison with the traditional Western system is very specific and has a number of distinctive features dictated by the requirements of Islamic law - Sharia, the sources of which are the Qur'an and the Sunnah (sayings and actions of the Prophet Muhammad).
The peculiarity of the Islamic financial system is the presence of a number of specific prohibitions dictated by Shariah (Islamic law). The main prohibitions include:
• Riba - the prohibition interest (usury);
• Gharar - a ban on the presence of an excess of uncertainty, chance and uncertainty of the contract;
• Meysir - Prohibition of speculative behavior and taking excessive risks (gambling);
• Haram - a ban on conducting and participating in illegal activities.
Apart from the basic prohibition of the Islamic financial system is characterized by the following principles:
• separation of risk - in Islam may not transfer the risk for cash (or other) fees from one party to the contract or other third party. All contractors are required to be (or corresponding to their participation) the extent to share the risks inherent in the transaction;
• sanctity of contracts - performance of contractual obligations is the most important duties of the parties to the transaction;
• money is considered only as potential capital, real capital, they are considered only after being invested in productive activities. 
Islamic financial institutions in their activities using a range of financial instruments that are similar to those used by traditional financial institutions that satisfy the rules of Islamic law. Over the entire period of development of the Islamic financial system, Muslim jurists and financial experts have developed a great variety of financial instruments, but in practice, there are only a part of them.
In the last five years began actively discussing the possibility of the use of Islamic finance in the economy of Kazakhstan. Among the Kazakh financial institutions BTA Bank was the first to use Islamic financial instruments, starting cooperation with the Islamic Development Bank in 2003. Based on the results of the meetings of the working group of the Association of Financiers of Kazakhstan, the first in November 2008 with the participation of the FSA, the NBK and other government agencies, it was decided to issue a draft law "On amendments and additions to some legislative acts of the Republic of Kazakhstan on the organization and activities of Islamic banks and Islamic finance "in the Majilis. The working group was held financial institutions, experts from the United Arab Emirates, Malaysia and other countries. In early February 2009 The President signed the bill. The Law introduces amendments to the Civil Code of the Republic of Kazakhstan (Special Part), the laws of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", "On the Securities Market", "On Investment Funds", "On State Registration of Rights to Real Estate and deals with it. " 
The main objectives of the amendments are as follows:
1) establishing the legal framework and characteristics of Islamic banks;
2) legislative recognition of forms and methods of state regulation and supervision of Islamic banks;
3) determination of the list and order of Islamic banking, a ban on the implementation of traditional banks Islamic banking operations;
4) establishment of a forced liquidation of the features of Islamic banks;
5) determination of the issue and circulation of Islamic securities;
6) establishing the legal framework and characteristics of Islamic investment funds.
In particular, the law amended to the Civil Code, particularly the sale of goods by an Islamic bank, trust management in the implementation of banking, bank deposits can be established by legislative acts of the Republic of Kazakhstan regulating banking activities, as well as establish that bank loans are issued by Islamic banks without charging a fee for the use of money.
Changes and amendments to the Law "On Banks and Banking Activities in the Republic of Kazakhstan" aimed at creating a legal framework for the functioning of Islamic banks, the removal of restrictions preventing the introduction of Islamic banking, the definition of the forms and methods of state regulation and supervision of Islamic banks, the list and order of the Islamic banking, a ban on the implementation of traditional banks Islamic banking operations.
Additions to the Law "On the Securities Market" define the concept of Islamic securities, the order of their issuance and circulation, and the Law "On Investment Funds" - requirements for Islamic investment funds.
Changes and amendments to the Law "On State Registration of Rights to Real Estate and Transactions" provide for the procedure of state registration of rights to immovable property acquired by an Islamic bank as a trustee at the expense of investment deposits. 
We cannot say that in Kazakhstan and the CIS, as well as Europe slowly in the process of implementing this new financial instrument, as Islamic banking. It takes a certain period of time since the introduction of methods of Islamic finance is faced with such a barrier, such as legislation and its adaptation. The main features of which are contrary to the laws of the CIS and Kazakhstan, the separation of profit and risk between the Islamic bank and the customer.
There are a number of features, such as part of the bank as an intermediary in the trading activities of commercial loans (not governed by the law), or the absence of refinancing as a principle of usury (also not regulated by law.) Also open is the question of tax law, which is coordinated with the Tax Committee of the Republic of Kazakhstan, and accounting standards, and is currently being developed in cooperation with the National Bank of Kazakhstan.
In Kazakhstan, BTA Bank was the first among Kazakhstan banks in 2003 was an Islamic credit: if a public transaction, organized by the bank «Calyon Bank», let BTA received $ 30 million, as originally planned, and 50 million, indicating a high level of interest of investors. BTA Bank, using Islamic financial instruments, in 2006 - 2007 years raised funds amounting to 250 million dollars. At the moment, considering the introduction of all types of Islamic financing products to the market of Kazakhstan. As long as the bank does not make forecasts on the volume of borrowing, but definitely notice: the demand for these services is growing rapidly and, accordingly, there will be supply. 
Since 2006 JSC "Bank Center Credit" and JSC" Alliance Bank "for the first time in his practice began to use methods of Islamic finance. However, the funds drawn from the Islamic capital market on a "commodity murabaha" exclusively for its own use, and their use in the absence of the regulatory framework in the future is not reflected in the distribution of Islamic financial instruments. 
February 20, 2009 in Kazakhstan established the first brokerage company that provides services on the principles of Islamic finance, JSC «FATTAH FINANCE». The establishment of this company demonstrates the interest of market participants in the development of instruments of Islamic finance in Kazakhstan. At present JSC «FATTAH FINANCE» register Kazakhstan's first mutual fund risk investment "Islamic Foundation Aman", which will operate under Islamic Sharia. 
The law states that the establishment of an Islamic bank as a second-tier bank is possible on the basis of a special license. Provides for the establishment of the Council for Islamic finance in every Islamic bank. Furthermore, the establishment of Islamic investment funds management companies is only possible with the involvement of the Council on the principles of Islamic finance. Issue Islamic securities special financial companies created by the Islamic Bank, JSC "NC" Kazagro ", JSC" National Welfare Fund "Samruk-Kazyna", and a 100% subsidiary of JSC "National Welfare Fund" Samruk-Kazyna ".
Today there is an active market development of Islamic financial services in secular countries such as USA, UK, France. Large international banks and investment companies offer Islamic products, open up subsidiaries whose activities are consistent with the principles of Islamic finance. The popularity of Islamic finance is mainly due to the desire to attract investment capital from the Middle East. In addition, Islamic financial institutions have shown resilience to the global liquidity crisis due to the peculiarities of Islamic finance.
The Agency of the Republic of Kazakhstan on Regulation of Activities of the Regional Financial Center of Almaty (RFCA) interacted with foreign and Kazakh market participants on the establishment of the first Islamic bank and the Association of Islamic financial institutions. The result was the opening of the first Islamic bank in the country, "Al-Hilal" and the creation of the Association of Islamic finance. Agency conducted extensive work to attract investors from the Middle East and Southeast Asia. In this RFCA interacts with Kazakh companies in terms of attracting investment capital for projects through both direct funding and by Islamic financial instruments. Islamic investment fund under the Act is incorporated investment fund or closed-end mutual fund that invests in compliance with the principles of Sharia. Investment declaration of an Islamic investment fund approved by the Shariah Board. For this purpose, the management company may engage services of the Shariah Council, which does not require her to create their own Shariah Board. It should be noted that the experts of the Shariah Council meet high requirements for experience, knowledge of the principles of Shariah and Islamic finance. In the world, there is a limited list of respected and internationally recognized experts, who both are members of several Shariah Council. So, besides assessing the prospects of the project, with an investment decision for investors is very important part of the Shariah Council, which submitted a report on this project.
The law establishes the following types of Islamic Securities: stocks and shares of Islamic investment funds, Islamic lease certificates, Islamic certificates of participation. Islamic lease certificates are issued to raise financing for purchases of large objects, such as real estate. To do this, create an Islamic special finance company that acquires the property with funds from the placement of certificates. This property is leased, and the lease payments are apportioned between the certificate holders as dividends.
In world practice the Islamic securities issued by legal entities and governments for the construction of infrastructure facilities, mixed-use centers, establishment of production. Often in projects, a combination of Islamic and Islamic lease certificates of participation certificates. Currently, according to the Law, the originator of the Islamic special purpose company may be an Islamic bank, JSC "National Holding" KazAgro ", JSC" National Welfare Fund "Samruk-Kazyna" and its 100% subsidiaries. The development of the legal framework of Islamic finance is accompanied by the emergence of new market entrants. The activity is carried out consulting, brokerage companies, whose activities are consistent with the principles of Islamic finance. Government of Kazakhstan and the United Arab Emirates in 2009 signed an agreement to open the first Islamic bank in Kazakhstan, "Al-Hilal" with funding of at least a billion dollars. First of all, the introduction of Islamic finance in Kazakhstan extends the range of financial services. In addition, it is a tool to attract investment capital in Kazakhstan and the world's major participants in the Islamic finance industry. In the first phase, the Islamic banking financed projects implemented under the auspices of the National Welfare Fund "Samruk-Kazyna". And the amount of one billion dollars is based on the sum of the fund's portfolio (50 projects), which is presented to the partners from the United Arab Emirates. This amount may be more. The plans in the near future to bring in the Islamic banking to ten billion dollars for real infrastructure or implemented with the support of the NWF projects. It is possible that after the "Al-Hilal" will come other Islamic banks and financial institutions.
In this case, the level of so-called consumer finance will remain not covered by Islamic banking. As well as other tools of Islamic finance will not be mastered in the country. Islamic banking as an alternative and a long-term view of banking greatly expand the opportunities available to the Kazakhs of new financial services. But we should not forget that this is a completely new area for Kazakhstan, so you need to move in this direction gradually mastering it in small steps. Along with "Islamic Research Institute Islamic Development Bank" - developed a "road map" of the development of Islamic finance. It include studies, building of infrastructure, institutions, Islamic finance, a custom culture.
Islamic banking client can be any client, regardless of race, gender, religion. Islamic banking does not put restrictions caused by these characteristics client. The motto of the Islamic banking - to improve the world, to promote peace, to help developing countries to a new stage of development, to solve, including a global scale, issues of improving the environment, education, social problems. 
Country Implementation of the principles of Islamic finance will contribute to the development of economic relations with foreign countries. Kazakhstan will attract investors from Muslim countries who will now be able to invest not only through direct financing, but also make portfolio investments in shares of companies that are listed on Kazakhstan Stock Exchange. In addition, the flow of investment from Muslim countries will help the economy of Kazakhstan to cope with the lack of liquidity in the short term and will contribute to the development of the economy in the long term. On the downside, one of the principles of Islamic finance is the sharing of profits and losses of a customer or partner. That is an Islamic bank is directly linked to the success or failure of the client. However, such risks can be insured collateral, down payment or insurance. Also, the downside is that in an Islamic bank is an individual approach to every client and every transaction must be approved by the Board of Shariah. Although in this case there are solutions. As with other financial institutions, Islamic finance is faced with the credit, market and operational risks. Speaking of the prospects for the development of Islamic credit institutions in Kazakhstan, it can be noted that the support of the process of the state will benefit in a reasoned and rational use of these principles in the monetary area of the Republic of Kazakhstan, and in the future - in the creation of a serious credit market of Islamic institutions in the integrated space Eurasian Economic Community countries.
JSC "Development Bank of Kazakhstan" (DBK) has successfully placed the first issue Islamic bonds "Sukuk" al-Murabaha "in the amount of 240 million Malaysian ringgit with an annual premium of 5.50% and 5-year maturity, 62% of the issue was distributed among Malaysian investors and 38% - in Kazakhstan. The proposal has been formed under the program of Islamic medium-term notes totaling up to 1.5 billion Malaysian ringgit in accordance with the principles of Sharia on the structure of "al-Murabaha". The program was approved by the Central Bank of Malaysia (Bank Negara Malaysia) and the Advisory Council for Sharia in the Securities Commission of Malaysia in the second quarter of 2012. 
DBK became the first issuer in the post-formed and successfully carried out the transaction on issuance of Islamic Sukuk securities in accordance with the norms and principles of the Sharia. This is a significant achievement for both the Bank and for Kazakhstan as a whole. This process is the result of considerable effort on the part of the Government of Kazakhstan, the CDB and lead managers for the promotion of credit history in Malaysia and strengthening the authority of the Republic of Kazakhstan in the Islamic investment community. We are confident that this transaction will pave the way for other issuers in the region in order to diversify their funding for Islamic markets.
In Kazakhstan, the Islamic banking there are prospects for development. Domestic bankers are interested in diversifying their risks, besides the introduction of Islamic banking will promote the development of economic relations with the Arab countries and their financial institutions and would provide a good opportunity to raise money from the Middle East.
Thus, in the coming years are expected to have social and economic consequences:
1) Organization of Islamic banks, Islamic investment funds, as well as the introduction of Islamic financial instruments in Kazakhstan, including the issuance of Islamic securities;
2) the development of a competitive environment in the financial market by creating a more fiscally sustainable alternative forms of financing of the economy of Kazakhstan, which will reduce the interest rates on banking services of traditional banks;
3) creating the legal framework for the financial sector to attract foreign investment in Kazakhstan from the Middle East and Southeast Asia, have excess liquidity, diversification of the investor base, shifting to investors from these countries;
4) to contribute to a number of economic problems: the decline in inflation, the development of agriculture, small and medium-sized businesses.
Thus development and adoption of amendments to some legislative acts of the Republic of Kazakhstan on issues of Islamic finance, and in general, the activation of the introduction of Islamic finance will bring Kazakhstan into first place in the investment attractiveness of the CIS countries and will become an Islamic financial hub in the region.
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