The UK based DDCAP Group (DDCAP), one of the world’s leading Islamic financial market intermediaries, became the first Financial Services Sector Company to sign a Memorandum of Understanding (MoU) with the Astana International Financial Centre (AIFC).
The official signing ceremony took place at an Islamic Finance seminar jointly hosted by the AIFC and DDCAP on the 11th of July 2017 in the UK Pavilion at Astana Expo 2017. The major focus of the MoU is to provide a framework for long term cooperation between the Parties in support of the AIFC development of an Islamic capital market in Kazakhstan. The Parties agreed to complement and add value to the financial and capital market infrastructure that the AIFC is building through the development, issuance and trading of Islamic capital market and treasury instruments in accordance with accepted best practice incorporating automated systems to enhance market functionality.
The signing ceremony was witnessed by the Lord Mayor of the City of London Dr. Andrew Parmley and the Governor of the AIFC H.E. Kairat Kelimbetov, who then both gave welcoming remarks to the event participants, in the presence of Her Majesty’s Ambassador to the Republic of Kazakhstan Dr. Carolyn Browne and the Commissioner for the UK Pavilion at Astana Expo 2017, Rt Hon Charles Hendry. The MoU was signed by Director, Deputy CEO of DDCAP, Lawrence Oliver and Managing Director, Member of Executive Board of the AIFC, Saysat Nurbek.