CATRC Researchers Attend 7th World Islamic Economic Forum

Kuralay Baisalbayeva, BSc-4, and Alina Ishaleyeva, LLM, two members of the CATRC research team, participated in the 7th World Islamic Economic Forum (WIEF), which was held from 7-9 June 2011 at the Palace of Independence in Astana. Their visit was part of their joint research project on the tax aspects of Islamic finance.

The 7th WIEF was the first to be held in Central Asia. Kazakhstan was chosen as the host nation because of its recent economic and cultural successes. The two researchers mingled with world leaders in government and business, observing their discussions on trade and economic issues affecting the globe.

“The event was really impressive. It was a unique opportunity to meet and talk to representatives of the business community from such countries as India, Saudi Arabia, Malaysia, USA, Morocco, Singapore, Pakistan and Iran,” says Kuralay.

The WIEF started in earnest in 2005 with an inaugural session in Kuala Lumpur. It is arguably the first forum of its kind to introduce a business agenda for Muslim countries and Muslim communities worldwide. It also provides important insight for members of the global business community that are interested in investing and doing business in the Muslim world.

The line-up of attending leaders has been impressive over the years. Starting with only a few national leaders, WIEF has grown to include representatives from every region of the Muslim world. This year, there was a notable presence from the African continent, the Gulf region, the Commonwealth of Independent States and East Asia.

The research project, started by Kuralay and Alina, explores the tax issues related to both domestic and cross-border transactions involving Islamic business partnerships and financial instruments.