Central Bank Management Shuffle Could Revive Islamic Finance

News: The Kazakhstan government's shuffling of central bank heads could revive efforts to boost Islamic finance in the country and transform it into a regional hub for the sector, Reuters reports. President Nursultan Nazarbayev removed central bank head Grigori Marchenko earlier in October 2013 in favour of Deputy Prime Minister Kairat Kelimbetov. Yerlan Baidaulet - the Kazakhstand member of the board of executive directors of Jeddah-based Islamic Development Bank - said that the move could advance the development of Islamic banking in the country, particularly as Kelimbetov's predecessor had 'tried to stop everything' while in the post.

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Geography: Kazakhstan

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