The Ministry of Agriculture will consider the possibility of Islamic financing in agriculture

Opportunities for Islamic financial instruments to support agriculture were discussed at a seminar in Astana. The meeting was organized by the Islamic Organization for Food Security (IOFS) together with the Ministry of Foreign Affairs of Kazakhstan, the World of NAN reports.

According to the Ministry of Agriculture, the participants discussed the issue of sukuk - investment securities, which are alternative to bonds in the Islamic world as a way to attract financing for projects.

Welcoming his colleagues, Agriculture Minister Yerbol Karashukeyev focused on the current trend of growing interest in Islamic finance, and not only among Muslim countries.

According to him, Kazakhstan's access to this promising market will open up additional opportunities for the expansion of financial flows into the agricultural sector of the country.

According to the head of the Ministry of Agriculture, it is necessary to intensify efforts to study and practical application of Islamic financial instruments in Kazakhstan, among which sukuk is one of the most important means of attracting capital and financing of investment activities.

"In the short term, the growth of investment in fixed capital in the agricultural sector can increase by 4 times to 3.2 trillion tenge. Foreign direct investment plays an important role in achieving these goals to unlock the potential of the domestic private sector, "- said in the Ministry of Agriculture.

For its part, the Ministry is ready to provide all possible support to all important endeavors of IOFS, the minister said, summarizing the meeting.

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