This section presents a curated collection of academic and analytical publications on Islamic finance, covering key areas of industry development, including sukuk, Islamic banking, social finance, ESG, and fintech.
The materials include both international research and publications focused on the development of the Islamic finance industry in Kazakhstan and the region.
This section will be regularly updated with new publications.
1. Research trends in Sukuk studies: A bibliometric analysis of global academic publications
Laura Kuanova, Gaukhar Kenzhegulova and Assel Akhmetkyzy (2025)
Analysis of global trends in sukuk development, including ESG, sustainable finance, and digitalization.
https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/22213/IMFI_2025_02_Kenzhegulova.pdf
2. The experience and prospects of Islamic finance in Kazakhstan
Shirazi NS, Kuanova LA, Ryskulov A, Mukusheva AG (2022)
Analysis of the current state of Islamic finance in Kazakhstan and recommendations for further industry development.
https://www.emerald.com/qrfm/article/14/3/461/358963
3. Investigating the customers’ drivers of Islamic credit card loyalty and word of mouth
Jamshidi D., Kuanova L. (2022)
Factors influencing customer loyalty toward Islamic credit cards.
https://www.emerald.com/jima/article-abstract/13/4/868/432942/Investigating-the-customers-drivers-of-Islamic?redirectedFrom=fulltext
4. Islamic Social Finance and COVID-19 pandemic
Shirazi N.Sh., Kuanova L.A., Zhuparova A.S. (2021)
Impact of the COVID-19 pandemic on zakat and social finance development.
https://esp.ieconom.kz/jour/article/view/296
5. Islamic social finance: literature review and future research directions
Kuanova LA, Sagiyeva R, Shirazi NS (2021)
A review of research on Islamic social finance and its future directions.
https://www.emerald.com/jiabr/article/12/5/707/209359/Islamic-social-finance-a-literature-review-and
6. “Institutional traps” in the Islamic finance development: the experience of Kazakhstan
Sagiyeva R, Kuanova L, Ryskulov A, Stambakiyev N, Doszhan R (2025)
Institutional barriers and trust-related challenges in the development of Islamic finance.
https://www.emerald.com/jima/article/doi/10.1108/JIMA-07-2024-0302
7. Empirical examination of ESG and fintech factors on financial sustainability: a comparative study of Islamic vs conventional banks in Islamic finance-oriented countries
Faizulayev Alimshan (2025)
The impact of ESG and fintech factors on the sustainability of banks.
https://www.emerald.com/ajar/article/doi/10.1108/AJAR-09-2024-0382
8. Does social and governmental responsibility matter for financial stability and bank profitability? Evidence from commercial and Islamic banks
Kanapiyanova K, Faizulayev A, Ruzanov R, Ejdys J, Kulumbetova D, Elbadri M (2023)
The role of social and governmental responsibility in enhancing bank stability.
https://www.emerald.com/jiabr/article-abstract/14/3/451/211708/Does-social-and-governmental-responsibility-matter?redirectedFrom=fulltext
9. What drives the banking competition in Islamic finance oriented countries? Islamic vs conventional banks
Faizulayev A, Wada I, Kyzdarbekova AS, Parmankulova I (2021)
Comparative analysis of competition between Islamic and conventional banks.
https://www.emerald.com/jiabr/article/12/4/457/431926/What-drives-the-banking-competition-in-Islamic
10. The drivers of financial vulnerability and profitability: evidence from conventional and Islamic banks in Islamic finance-oriented countries
Parmankulova I, Issakhova P, Zhanabayeva Z, Faizulayev A, Orazymbetova K (2022)
Key determinants of financial stability and profitability of banks.
https://www.emerald.com/jiabr/article/13/6/902/433651/The-drivers-of-financial-vulnerability-and
11. Profitability Determinants of Islamic and Conventional Banks During the Global Financial Crises: The Case of Emerging Markets
Faizulayev A., Bektas E. (2018)
Analysis of the profitability of Islamic and conventional banks during financial crises.
https://link.springer.com/chapter/10.1007/978-3-030-01784-2_17
12. Evaluating financial sustainability in the EAEU oil and gas sector: the role of ESG practices
Aliya Dosmanbetova, Lyazzat Yespergenova, Maxat Kalikov, Zhanna Beisekova & Alimshan Faizulayev. (2025)
The role of ESG practices in ensuring financial sustainability.
https://www.tandfonline.com/doi/full/10.1080/23311975.2025.2566445
13. What Factors Affect the Profitability Determinants of Commercial Banks in the MENA Region?
Pan, V., Ainekova, D., Faizulayev, A. (2023)
Key factors affecting the profitability of banks in the MENA region.
https://link.springer.com/chapter/10.1007/978-3-031-23416-3_14
14. Assessing Financial Performance and Competitive Efficiency of Banks: The Impact of ESG and FinTech in Islamic Finance-Oriented Countries
Alimshan Faizulayev, Muhammad Arslan, Aizada Zhakupova
The impact of ESG and fintech on banking performance and efficiency.
https://www.igi-global.com/chapter/assessing-financial-performance-and-competitive-efficiency-of-banks/379532
15. Исламские финансыв Казахстане (книга)
Оналтаев Д.О. (2017)
Fundamentals of Islamic finance and its development in Kazakhstan.
https://expo-books.ru/category/book?id=1082
16. Shariah Governance in Islamic Financial Institutions in Kazakhstan: Reality and Challenges
Stambakiyev N., Kahf M. (2020)
Challenges of Shariah governance in Islamic financial institutions.
https://ideas.repec.org/a/abd/kauiea/v33y2020i3no10p189-212.html
17. Ислам банкіндегі «Мудараба» келісімшартының шариғи негізі мен ерекшеліктері
Nurzhan Stambakiyev, K. Kurmanbayev. (2020)
Features and application of the mudaraba contract in Islamic banking.
https://is.ku.edu.kz/publishings/%7B7D52C9C6-39B3-49C8-A3DC-9C5089F530FA%7D.pdf
18. History of Islamic Banking
Stambakiyev N. (2020)
Historical development of Islamic banking.
https://tech.vestnik.shakarim.kz/jour/article/view/198/201
19. Ислам экономикасының діни этикалық негіздері
Stambakiyev N. (2021)
Ethical principles underlying Islamic economic systems.
https://adamalemijournal.com/index.php/aa/article/view/41/28
20. Islamic Finance Industry in Kazakhstan: Then and Now.
R.Nagaiyev, Nurzhan Stambakiyev (2022)
Development of Islamic finance in Kazakhstan and its key challenges.
https://www.researchgate.net/publication/359626296_Islamic_Finance_Industry_in_Kazakhstan_Then_and_Now
21. Исламдық қаржы өнімдерінің діни негіздері: мудараба, мушарака және мурабаха [Religious Foundations of Islamic Financial Products: Mudaraba, Musharaka, and Murabaha]
Nurzhan Stambakiyev, R. Mukhitdinov. (2023)
Foundations of key Islamic financial contracts: mudaraba, musharaka, and murabaha.
https://www.researchgate.net/publication/372082142_Religious_basis_of_Islamic_financial_products_mudaraba_musharaka_and_murabaha
22. Islamic Social Finance and COVID-19 (повторное исследование)
L.Kuanova., N. Shirazi, A. Zhuparova (2021)
Impact of the COVID-19 pandemic on Islamic social finance.
https://esp.ieconom.kz/jour/article/view/296?locale=en_US
23. The crowdfunding platform as a tool for Islamic social finance’s implementation.
Kuanova L., Shirazi N., Doszhan R. (2022)
The role of crowdfunding in the implementation of Islamic social finance.
https://be.kaznu.kz/index.php/math/article/view/2519
24. Islamic social finance efficiency and eco-system: Islamicfinance in action
Shirazi, N. Doszhan, R. Kuanova L. (2023)
Development of the Islamic social finance ecosystem.
https://bulecon.enu.kz/index.php/main/article/view/712/540
25. Unlocking the Potential: The Islamic Finance Social Impact Assessment
L. Kuanova, N. Zhangabayev, G.K. Kenzhegulova. (2024)
The role of Islamic finance in poverty reduction and social impact.
https://bbr.buketov.edu.kz/index.php/economy-vestnik/article/view/894/810
26. Islamic social finance: theory and practice (монография)
Kuanova L. (2023)
Theory and practice of Islamic social finance.
https://elibrary.kaznu.kz/wp-content/uploads/2025/11/kuanova-laura-islamic-social-finance.pdf
27. Sukuk as an Islamic finance alternative for investment in Infrastructure in Kazakhstan: institutional perspectives.
Sagiyeva R.K., Mahfudz A.A., Oteshova D.Y. (2023)
Sukuk as an alternative instrument for infrastructure financing in Kazakhstan.
https://vestnik.turan-edu.kz/jour/article/view/3707
28. Islamic Principles of Finance: Features and Prospects of Their Use in Central Asia.
Moldakmatov, A., Idinov, K., Orozonova, A., & Sulaimanov, A. (2025)
Prospects for the development of Islamic finance in Central Asia.
https://ijchr.net/journal/article/view/339
The materials include both international research and publications focused on the development of the Islamic finance industry in Kazakhstan and the region.
This section will be regularly updated with new publications.
1. Research trends in Sukuk studies: A bibliometric analysis of global academic publications
Laura Kuanova, Gaukhar Kenzhegulova and Assel Akhmetkyzy (2025)
Analysis of global trends in sukuk development, including ESG, sustainable finance, and digitalization.
https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/22213/IMFI_2025_02_Kenzhegulova.pdf
2. The experience and prospects of Islamic finance in Kazakhstan
Shirazi NS, Kuanova LA, Ryskulov A, Mukusheva AG (2022)
Analysis of the current state of Islamic finance in Kazakhstan and recommendations for further industry development.
https://www.emerald.com/qrfm/article/14/3/461/358963
3. Investigating the customers’ drivers of Islamic credit card loyalty and word of mouth
Jamshidi D., Kuanova L. (2022)
Factors influencing customer loyalty toward Islamic credit cards.
https://www.emerald.com/jima/article-abstract/13/4/868/432942/Investigating-the-customers-drivers-of-Islamic?redirectedFrom=fulltext
4. Islamic Social Finance and COVID-19 pandemic
Shirazi N.Sh., Kuanova L.A., Zhuparova A.S. (2021)
Impact of the COVID-19 pandemic on zakat and social finance development.
https://esp.ieconom.kz/jour/article/view/296
5. Islamic social finance: literature review and future research directions
Kuanova LA, Sagiyeva R, Shirazi NS (2021)
A review of research on Islamic social finance and its future directions.
https://www.emerald.com/jiabr/article/12/5/707/209359/Islamic-social-finance-a-literature-review-and
6. “Institutional traps” in the Islamic finance development: the experience of Kazakhstan
Sagiyeva R, Kuanova L, Ryskulov A, Stambakiyev N, Doszhan R (2025)
Institutional barriers and trust-related challenges in the development of Islamic finance.
https://www.emerald.com/jima/article/doi/10.1108/JIMA-07-2024-0302
7. Empirical examination of ESG and fintech factors on financial sustainability: a comparative study of Islamic vs conventional banks in Islamic finance-oriented countries
Faizulayev Alimshan (2025)
The impact of ESG and fintech factors on the sustainability of banks.
https://www.emerald.com/ajar/article/doi/10.1108/AJAR-09-2024-0382
8. Does social and governmental responsibility matter for financial stability and bank profitability? Evidence from commercial and Islamic banks
Kanapiyanova K, Faizulayev A, Ruzanov R, Ejdys J, Kulumbetova D, Elbadri M (2023)
The role of social and governmental responsibility in enhancing bank stability.
https://www.emerald.com/jiabr/article-abstract/14/3/451/211708/Does-social-and-governmental-responsibility-matter?redirectedFrom=fulltext
9. What drives the banking competition in Islamic finance oriented countries? Islamic vs conventional banks
Faizulayev A, Wada I, Kyzdarbekova AS, Parmankulova I (2021)
Comparative analysis of competition between Islamic and conventional banks.
https://www.emerald.com/jiabr/article/12/4/457/431926/What-drives-the-banking-competition-in-Islamic
10. The drivers of financial vulnerability and profitability: evidence from conventional and Islamic banks in Islamic finance-oriented countries
Parmankulova I, Issakhova P, Zhanabayeva Z, Faizulayev A, Orazymbetova K (2022)
Key determinants of financial stability and profitability of banks.
https://www.emerald.com/jiabr/article/13/6/902/433651/The-drivers-of-financial-vulnerability-and
11. Profitability Determinants of Islamic and Conventional Banks During the Global Financial Crises: The Case of Emerging Markets
Faizulayev A., Bektas E. (2018)
Analysis of the profitability of Islamic and conventional banks during financial crises.
https://link.springer.com/chapter/10.1007/978-3-030-01784-2_17
12. Evaluating financial sustainability in the EAEU oil and gas sector: the role of ESG practices
Aliya Dosmanbetova, Lyazzat Yespergenova, Maxat Kalikov, Zhanna Beisekova & Alimshan Faizulayev. (2025)
The role of ESG practices in ensuring financial sustainability.
https://www.tandfonline.com/doi/full/10.1080/23311975.2025.2566445
13. What Factors Affect the Profitability Determinants of Commercial Banks in the MENA Region?
Pan, V., Ainekova, D., Faizulayev, A. (2023)
Key factors affecting the profitability of banks in the MENA region.
https://link.springer.com/chapter/10.1007/978-3-031-23416-3_14
14. Assessing Financial Performance and Competitive Efficiency of Banks: The Impact of ESG and FinTech in Islamic Finance-Oriented Countries
Alimshan Faizulayev, Muhammad Arslan, Aizada Zhakupova
The impact of ESG and fintech on banking performance and efficiency.
https://www.igi-global.com/chapter/assessing-financial-performance-and-competitive-efficiency-of-banks/379532
15. Исламские финансыв Казахстане (книга)
Оналтаев Д.О. (2017)
Fundamentals of Islamic finance and its development in Kazakhstan.
https://expo-books.ru/category/book?id=1082
16. Shariah Governance in Islamic Financial Institutions in Kazakhstan: Reality and Challenges
Stambakiyev N., Kahf M. (2020)
Challenges of Shariah governance in Islamic financial institutions.
https://ideas.repec.org/a/abd/kauiea/v33y2020i3no10p189-212.html
17. Ислам банкіндегі «Мудараба» келісімшартының шариғи негізі мен ерекшеліктері
Nurzhan Stambakiyev, K. Kurmanbayev. (2020)
Features and application of the mudaraba contract in Islamic banking.
https://is.ku.edu.kz/publishings/%7B7D52C9C6-39B3-49C8-A3DC-9C5089F530FA%7D.pdf
18. History of Islamic Banking
Stambakiyev N. (2020)
Historical development of Islamic banking.
https://tech.vestnik.shakarim.kz/jour/article/view/198/201
19. Ислам экономикасының діни этикалық негіздері
Stambakiyev N. (2021)
Ethical principles underlying Islamic economic systems.
https://adamalemijournal.com/index.php/aa/article/view/41/28
20. Islamic Finance Industry in Kazakhstan: Then and Now.
R.Nagaiyev, Nurzhan Stambakiyev (2022)
Development of Islamic finance in Kazakhstan and its key challenges.
https://www.researchgate.net/publication/359626296_Islamic_Finance_Industry_in_Kazakhstan_Then_and_Now
21. Исламдық қаржы өнімдерінің діни негіздері: мудараба, мушарака және мурабаха [Religious Foundations of Islamic Financial Products: Mudaraba, Musharaka, and Murabaha]
Nurzhan Stambakiyev, R. Mukhitdinov. (2023)
Foundations of key Islamic financial contracts: mudaraba, musharaka, and murabaha.
https://www.researchgate.net/publication/372082142_Religious_basis_of_Islamic_financial_products_mudaraba_musharaka_and_murabaha
22. Islamic Social Finance and COVID-19 (повторное исследование)
L.Kuanova., N. Shirazi, A. Zhuparova (2021)
Impact of the COVID-19 pandemic on Islamic social finance.
https://esp.ieconom.kz/jour/article/view/296?locale=en_US
23. The crowdfunding platform as a tool for Islamic social finance’s implementation.
Kuanova L., Shirazi N., Doszhan R. (2022)
The role of crowdfunding in the implementation of Islamic social finance.
https://be.kaznu.kz/index.php/math/article/view/2519
24. Islamic social finance efficiency and eco-system: Islamicfinance in action
Shirazi, N. Doszhan, R. Kuanova L. (2023)
Development of the Islamic social finance ecosystem.
https://bulecon.enu.kz/index.php/main/article/view/712/540
25. Unlocking the Potential: The Islamic Finance Social Impact Assessment
L. Kuanova, N. Zhangabayev, G.K. Kenzhegulova. (2024)
The role of Islamic finance in poverty reduction and social impact.
https://bbr.buketov.edu.kz/index.php/economy-vestnik/article/view/894/810
26. Islamic social finance: theory and practice (монография)
Kuanova L. (2023)
Theory and practice of Islamic social finance.
https://elibrary.kaznu.kz/wp-content/uploads/2025/11/kuanova-laura-islamic-social-finance.pdf
27. Sukuk as an Islamic finance alternative for investment in Infrastructure in Kazakhstan: institutional perspectives.
Sagiyeva R.K., Mahfudz A.A., Oteshova D.Y. (2023)
Sukuk as an alternative instrument for infrastructure financing in Kazakhstan.
https://vestnik.turan-edu.kz/jour/article/view/3707
28. Islamic Principles of Finance: Features and Prospects of Their Use in Central Asia.
Moldakmatov, A., Idinov, K., Orozonova, A., & Sulaimanov, A. (2025)
Prospects for the development of Islamic finance in Central Asia.
https://ijchr.net/journal/article/view/339