Astana Medical University hosted the VI Meeting of Representatives of Kazakhstan’s Endowment Funds, Higher Education Sector and Asset Management Companies. The central theme was the use of Islamic finance instruments to develop endowment capital and provide long-term support for education and science.
Participants discussed how Islamic finance can be integrated into the operations of endowment funds, including the principles to consider, the instruments available in Kazakhstan’s financial market and their potential application in investing endowment capital. Particular attention was paid to the connection between responsible investment and the national philanthropic tradition of “Enshi”.
Svetlana Lavrova, Chair of the Board of Russia’s National Endowment Association, presented international experience in responsible investment. Farkhad Kuanganov, Chair of the Board of the Association of Endowment Funds of Kazakhstan, spoke about the development of endowment capital in Kazakhstan and opportunities to combine national charitable traditions with modern financial approaches.
A separate session focused on Islamic finance. Nurzhan Stambakiyev, Head of the Islamic Finance Sector within the Sharia and Fatwa Department of the Spiritual Administration of Muslims of Kazakhstan, outlined its core principles. Madina Tukulova, Chair of the Islamic Finance and Business Association of Kazakhstan and Head of Islamic Finance at the Astana International Financial Centre, presented the prospects for developing this field in Central Asia.
In the second part of the meeting, participants turned to the legal and organisational aspects of endowment operations. Timur Makenov, Director of the Science and Education Endowment Fund, discussed current and planned legislative changes, while Sanzhar Seitkassimov, Managing Director of Standard Asset Management Company, presented opportunities to invest endowment fund assets in specialised mutual funds.
The meeting provided an opportunity to discuss the potential for bringing Islamic finance into endowments alongside the practical conditions for its application, from selecting investment instruments to meeting legal requirements. For university funds, this area offers an additional opportunity to build a sustainable financial foundation for supporting education and scientific research.
