The financial crisis has revealed a number of issues in the global financial system, which led to the global economic recession. Postulates of financial system values: limited control of market relations and achievement of maximum profitability contributed to the formation of an unbalanced financial system.
The main causes of the crisis were the deregulation of the financial market and the formation of fictitious capital. The emergence of new financial instruments and financial institutions located outside the traditional system of regulation and supervision, led to the formation of a huge amount of broad money not secured by real assets. Financial capital which is managed and accumulated by complex schemes, turned into a virtual capital that does not match the volume of production of the real economy. Financial resources have lost their original purpose - ensuring the promotion of real goods and material welfare. This has contributed to the growth of speculative capital and the emergence of imbalances in the global economy. For example, according to the Bank for International Settlements, in 2008 the global OTC derivatives market amounted to 591.9 trillion USD, 9.5 times higher than the global gross domestic product (62.2 trillion. USD), in other words, only 10% of derivatives served the real economy.
Thus, the need of the creation of an effective financial system associated with the real manufacturing process and secured by real assets has been raised. In this regard, the special role of Islamic financial instruments that allow localization of existing risks and directly related to the industrial processes become relevant.
On the 29th of January, 2010 in the annual Address to the nation “New Decade - New Economic Growth - New Opportunities” The President of the Republic of Kazakhstan noted the need of creation of the domestic stock market as a regional centre of Islamic banking with the access of Almaty city to the top ten financial centres of Asia.
