Independent arbitration opened at the International Financial Center in Kazakhstan
The Astana International Financial Center (AIFC) started its work in the capital of Kazakhstan on the territory of the EXPO-2017 complex, which is intended to become a financial hub for the countries of Central Asia, Transcaucasia, the Middle East, Europe of Western China and Mongolia.
On 1 January, the Center has opened an independent court and arbitration center, which are completely separated from the judicial system of Kazakhstan and will attract judges of international level. The AIFC arbitration is designed for out-of-court settlement of commercial and civil disputes.
The post of the chairman of the court was taken by Lord Harry Kenneth Woolf, a famous British lawyer, who has an impressive experience in the judicial systems of England, Wales, Qatar and Hong Kong.
The arbitration will be governed by the rules of the English case law, which is a basis for the overwhelming majority of international contracts. "With the Astana International Financial Center will provide with much certainty and flexibility that will be recognized”, said court registrar Christopher Campbell-Holt in an interview with Kazakh-TV.
Thus, the independent AIFC will be the first judicial institution in the CIS area, where the principles of English law will operate.
The activities of the financial center, the official opening of which is scheduled for July, will aim at the development of the capital market in Kazakhstan and the region as a whole, asset management, Islamic finance, and the introduction of new financial technologies. On the basis of the Center, it is planned to create an exchange with the involvement of international partners.
AIFC's financial services portfolio includes a product such as "green finance", which is an innovative approach to building up a sustainable economy taking into account an environmental factor. The Center will provide investment support for projects that envisage the use of low-carbon technologies.
The new financial institution intends to promote the development in Central Asia of a trend such as Private Banking, by providing opportunities for international companies involved in this industry to provide services for managing the capital and assets of wealthy customers.
Prospects for regional scale of the Center's activities are relevant against the backdrop of growing economic and investment activity in Central Asia, due to the implementation of large infrastructure projects and the growth of overall welfare in the countries of the region.
AIFC partners are NASDAQ (American stock exchange, which specializes in high-tech stocks) and the Shanghai Stock Exchange. The Center plans to attract US $ 40 billion of investments over the next 10-15 years.
