Astana Financial Services Authority launches consultation on AIFC Shari’ah governance framework for Islamic finance firms

The Astana Financial Services Authority has issued a consultation paper on a proposed Astana International Financial Centre Shari’ah Governance Framework for Authorised Firms conducting Islamic Finance Business within the AIFC. The package would introduce new AIFC Shari’ah Governance Rules and make consequential amendments to the AIFC General Rules, AIFC Glossary and AIFC Islamic Finance Rules to create a consistent approach to Shari’ah governance and align the regime with internationally recognised standards and industry practice. The proposals set minimum requirements for firms’ Shari’ah governance arrangements across five components: the Shari’ah Supervisory Board, the Shari’ah Board Secretariat Function, the Shari’ah Compliance Function, the Internal Shari’ah Audit Function and External Shari’ah Audit. They also tighten requirements for Shari’ah Supervisory Boards through composition and competency criteria, fit-and-proper assessments for board members and advisors, tenure limits, independence and conflict safeguards, and AFSA notification and objection powers over appointments. In addition, the framework would separate the Shari’ah Compliance Function from the Internal Shari’ah Audit Function, with amendments classifying the Shari’ah Compliance Officer as a Controlled Function and the Internal Shari’ah Auditor as a Designated Function, and would impose specific requirements on Islamic Windows covering segregation, operational independence and ring-fencing. Comments are requested by 15 September 2026. AFSA said it will review responses and consider whether adjustments to the proposals are needed.