Historical background
Financial Institutions’ Association of Kazakhstan (FIAK) was established in May, 1999 in accordance with Congress I Resolution of Kazakhstan Financiers.
The founders of FIAK are five significant second-tier banks and one leading Kazakhstan Insurer:
- JSC "Kazkommertzbank”;
- JSC "Bank TuranAlem”;
- JSC "Halyk Saving Bank of Kazakhstan”;
- JSC "Temirbank”;
- JSC "Bank CenterCredit”;
- JSC "Kazakhinstrakh”.
The funding sources of FIAK are the following:
- The founders’ contributions
- The admission and calendar membership fees
- The sponsor support
The main Charter objectives of FIAK include the following:
- Representing FIAK in governmental and other bodies, expressing and advocating the financial market subjects’ common interests;
- Participating in efforts on the improvement of Republic of Kazakhstan legislation relating to the activities and interests of FIAK’s members;
- Establishing liaison with the governmental bodies for the purpose of creating conditions for FIAK members’ efficient activities and the Republic of Kazakhstan financial system development, in general.
Within a relatively short timeframe a majority of the financial market participants including banks, state financial development institutions, insurance companies, pension funds, securities market professional participants, leasing, mortgage, auditing and consulting companies, research and educational institutions united under the aegis of Financial Institutions’ Association of Kazakhstan.
The main FIAK’ functions are the following:
- Participating in the financial market and tax regulation development;
- Participating in Kazakhstan financial, budget, tax and currency policies development and implementation;
- Participating in the financial services market further development;
- Participating in the development and implementation of measures pertinent to the support and protection of local entrepreneurs;
- Compiling, analyzing and summarizing of FIAK member’s proposals on the resolution of the financial sector issues and the improvement of legislation pertaining to the financial sector subjects’ interests;
- Establishing the work groups on the priority and problem directions with the FIAK members’ involvement, developing the general proposals and working them out with the authorizing bodies;
- Organizing joint discussions, round tables and Kazakhstan Financiers’ Congresses, which have become traditional;
- Rendering the information assistance to FIAK’s members.
The financial market development and legislation improvement issues reuire the coordinated activities and close cooperation with the authorizing governmental bodies.
In this connection, FIAK established liaison with the Republic of Kazakhstan Government, ministries and agencies. In particular, the Protocol on Cooperation was signed on February 1, 2002 between FIAK and the National Bank of Kazakhstan, which stipulated the mutual discussion of conceptual issues and financial sector problems, the establishment of joint work groups on draft regulation development and making available the relevant draft documents prepared by the National Bank of Kazakhstan to FIAK.
In connection with the establishment (segregation from the National Bank of Kazakhstan) of the Agency of the Republic of Kazakhstan on Regulation and Supervision of the Financial Market and the Financial Organizations (AFS) on January 1, 2004 in the analogy with the abovementioned protocol on Cooperation the Agreement on Cooperation was signed on February 17, 2004 with AFS.
FIAK’s Chairperson was admitted into the Advisory Council established by the AFS.
On July 13, the Agreement (Memorandum) on Cooperation with the Ministry of Finance of the Republic of Kazakhstan was signed.
FIAK’s representatives participate in the work groups established in the Parliament, Government and the National Bank on the development of legislation and other regulations of the Republic of Kazakhstan.
