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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">turan</journal-id><journal-title-group><journal-title xml:lang="ru">Вестник университета «Туран»</journal-title><trans-title-group xml:lang="en"><trans-title>Bulletin of "Turan" University</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">1562-2959</issn><issn pub-type="epub">2959-1236</issn><publisher><publisher-name>Университет «Туран»</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.46914/1562-2959-2023-1-4-390-402</article-id><article-id custom-type="elpub" pub-id-type="custom">turan-3707</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ТРИБУНА МОЛОДОГО ИССЛЕДОВАТЕЛЯ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>PLATFORM OF YOUNG RESEARCHER</subject></subj-group></article-categories><title-group><article-title>Сукук как альтернатива исламского финансирования для инвестиций в инфраструктуру в Казахстане: институциональные перспективы</article-title><trans-title-group xml:lang="en"><trans-title>Sukuk as an Islamic finance alternative for investment in Infrastructure in Kazakhstan: institutional perspectives</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-5150-4132</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Сагиева</surname><given-names>Р. К.</given-names></name><name name-style="western" xml:lang="en"><surname>Sagiyeva</surname><given-names>R. K.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Р.К. Сагиева - PhD, и.о. профессора</p><p>г. Алматы</p></bio><bio xml:lang="en"><p>R.K. Sagiyeva - PhD, acting associate professor</p><p>Almaty</p></bio><email xlink:type="simple">rimmasagiyeva@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-0806-8347</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Махфудз</surname><given-names>А. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Mahfudz</surname><given-names>A. A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>А.А. Махфудз - PhD, профессор</p><p>Гонтор</p></bio><bio xml:lang="en"><p>A.A. Mahfudz - PhD, professor</p><p>Gontor</p></bio><email xlink:type="simple">affandi@unida.gontor.ac.id</email><xref ref-type="aff" rid="aff-2"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-3386-6938</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Өтешова</surname><given-names>Д. Е.</given-names></name><name name-style="western" xml:lang="en"><surname>Oteshova</surname><given-names>D. Y.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Д.Е. Өтешова - докторант</p><p>г. Алматы</p></bio><bio xml:lang="en"><p>D.Y. Oteshova - PhD student</p><p>Almaty</p></bio><email xlink:type="simple">dana.oteshova@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru">Казахский национальный университет им. аль-Фараби<country>Казахстан</country></aff><aff xml:lang="en">Al Farabi Kazakh National University<country>Kazakhstan</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru">Университет Даруссалам<country>Индонезия</country></aff><aff xml:lang="en">University of Darussalam<country>Indonesia</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2023</year></pub-date><pub-date pub-type="epub"><day>25</day><month>12</month><year>2023</year></pub-date><volume>0</volume><issue>4</issue><fpage>390</fpage><lpage>402</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Сагиева Р.К., Махфудз А.А., Өтешова Д.Е., 2023</copyright-statement><copyright-year>2023</copyright-year><copyright-holder xml:lang="ru">Сагиева Р.К., Махфудз А.А., Өтешова Д.Е.</copyright-holder><copyright-holder xml:lang="en">Sagiyeva R.K., Mahfudz A.A., Oteshova D.Y.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://vestnik.turan-edu.kz/jour/article/view/3707">https://vestnik.turan-edu.kz/jour/article/view/3707</self-uri><abstract><p>В последние годы вследствие международного экономического кризиса на территории Республики Казахстан усугубились сложные и долгосрочные проблемы, решение которых имеет стратегическое значение для экономического благополучия страны и ее устойчивости к внешним воздействиям. Основной целью дальнейшего экономического развития является не только стабилизация и рост промышленности, но и развитие промышленной и социальной инфраструктуры. Тем не менее вопрос финансирования инфраструктуры остается открытым и требует решения. Для развивающейся страны займы у иностранных банков являются значительным вызовом. Кроме того, дополнительное давление возникает вследствие волатильности валюты, что серьезно влияет на экономический рост страны. В работе раскрываются актуальные вопросы развития инфраструктуры с применением исламского финансирования в Казахстане с юридической точки зрения и предлагается решение в виде модели выпуска сукук. В этом контексте следует обратить внимание на юридические аспекты, поскольку регулирование сукук недостаточно учтено как в существующем законодательстве Международного финансового центра Астаны (МФЦА), так и в юрисдикции Казахстана. Сукук может расширить финансовые услуги, способствовать развитию внутреннего рынка капитала и обеспечивать финансирование инфраструктуры без поддержки правительственного бюджета. Поэтому данная работа предлагает уделить внимание внутреннему регулированию, установленному как в МФЦА, так и в основных юрисдикциях Казахстана.</p></abstract><trans-abstract xml:lang="en"><p>In recent years due to the international economic crisis, the most complex and long-term problems have aggravated in the Republic of Kazakhstan, the resolution of which is strategic importance for the economic well-being of the country and its resilience to external influences. The main goal of further economic development is not only the stabilization and growth of industry, but also the development of industrial and social infrastructure. Nevertheless, issue of infrastructure funding is still open and struggling. As a developing country it takes big deal to borrow from foreign banks. Moreover, the additional leverage appears in a face of currency volatility which is highly distress country economic growth. This paper unveils the actual issues of infrastructure development, adopting Islamic finance in Kazakhstan with legal perspectives and the solution for them in the form of Sukuk issuance model. In this regard, legal perspective should be addressed since regulation on Sukuk is not well accommodated in the existing regulation by both AIFC (Astana International Financial Center) as well as Kazakhstan jurisdiction. Sukuk can expand financial services, assist to develop domestic capital market and provide infrastructure funding without government budget support. Therefore, this paper implies to domestic regulation as set by both AIFC and Kazakhstan mainland jurisdiction.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>сукук</kwd><kwd>институциональная перспектива</kwd><kwd>исламское финансирование</kwd><kwd>инфраструктура</kwd><kwd>устойчивое развитие</kwd><kwd>внутренний рынок</kwd><kwd>капитал</kwd></kwd-group><kwd-group xml:lang="en"><kwd>Sukuk</kwd><kwd>institutional perspective</kwd><kwd>Islamic finance</kwd><kwd>infrastructure</kwd><kwd>SDG</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">ADB (n.d.) Kazakhstan: Kazakhstan Urban Infrastructure Modernization Program and Finance Facility. URL: https://www.adb.org/projects/51365-001/main#project-pds (accessed: 08.04.2023)</mixed-citation><mixed-citation xml:lang="en">ADB (n.d.) Kazakhstan: Kazakhstan Urban Infrastructure Modernization Program and Finance Facility. 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