Institutional Development and the Astana International Financial Center in Kazakhstan
Horace Yeung
Flora Huang
Zhanyl Bekmurzayeva
Dina Suleimenova
2381/46094
https://figshare.le.ac.uk/articles/journal_contribution/Institutional_Development_and_the_Astana_International_Financial_Center_in_Kazakhstan/10226861
This article investigates the most recent instance of the transplantation of English
corporate and financial law into a different legal environment. The Astana International
Financial Centre (AIFC) in Kazakhstan was launched in 2018. The AIFC has largely built on
the institutional model pioneered by the Dubai International Financial Centre. This key
institutional innovation is the transplanting and operation of laws based on the English common
law, independent of their national legal systems (civil law systems, heavily influenced by
Islamic tradition, and, in the case of Kazakhstan, also Soviet socialist principles). This article
seeks to contribute to the understanding of the system of Kazakhstan, a strategically located
but well under-investigated country, and a potentially viable institutional model for other
aspiring financial centers. To the best knowledge of the authors, this work is the first ever
English academic literature on the development of the AIFC.
2019-10-25 13:08:46
Kazakhstan
Astana International Financial Centre
Institutions
Company and Financial Laws
English/Common Law
Legal Transplant