turanВестник университета «Туран»Bulletin of "Turan" University1562-29592959-1236Университет «Туран»10.46914/1562-2959-2026-1-3-424-442turan-5719Research ArticleТРИБУНА МОЛОДОГО ИССЛЕДОВАТЕЛЯPLATFORM OF YOUNG RESEARCHERИнституциональные аспекты мобилизации исламских финансов в инфраструктурные проектыInstitutional aspects of mobilizing Islamic Finance for infrastructure projectshttps://orcid.org/0000-0002-6259-9800ЖексенбайН.ZhexenbayN.

докторант.

Алматы

PhD student.

Almaty

nurgul.zhexenbay@narxoz.kzhttps://orcid.org/0000-0002-7514-8750КассимС.KassimS.

PhD, профессор.

Куала-Лумпур

PhD, рrofessor.

Kuala Lumpur

ksalina@iium.edu.myУниверситет Нархоз; Университет «Туран»КазахстанNarxoz University; Turan UniversityKazakhstanIIUM Институт исламского банкинга и финансов, Международный исламский университет МалайзииМалайзияIIUM Institute of Islamic Banking and Finance, International Islamic University MalaysiaMalaysia20260210202603424442Copyright © Жексенбай Н., Кассим С., 20262026Жексенбай Н., Кассим С.Zhexenbay N., Kassim S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.turan-edu.kz/jour/article/view/5719

Прогнозируемый дефицит инфраструктурных ресурсов в Казахстане к 2040 г. в размере 84 млрд долларов США может быть существенно сокращен за счет реализации инициатив государственно-частного партнерства (ГЧП) и привлечения инвестиций из альтернативных источников, таких как исламское финансирование. Исламское финансирование обладает значительным потенциалом для преодоления этого разрыва, но сталкивается с институциональными барьерами в его мобилизации. Исследование рассматривает институциональные условия привлечения исламского финансирования в инфраструктурные проекты государственно-частного партнерства (ГЧП) Казахстана. Направленный качественный контент-анализ документов опирается на разграничение формальных правил, неформальных ограничений и механизмов их исполнения в концепции Дугласа Норта. Анализ законодательства, регуляторных материалов и опубликованных рыночных данных дополнен примерами Большой Алматинской кольцевой автомобильной дороги (БAKAД) и больницы в г. Кокшетау. Исследование показало, что проблема, препятствующая эффективной мобилизации исламского финансирования для инфраструктурного государственно-частного партнерства в Казахстане, заключается не только в расширении существующей фрагментированной нормативно-правовой базы для исламского финансирования, но и в приведении формальных институтов в соответствие с глубоко укоренившимися неформальными социальными нормами и регулировании механизмов правоприменения. Данное исследование вносит уникальный вклад, изучая мобилизацию исламского финансирования в рамках ГЧП в Казахстане, тему, которая в существующей литературе обычно анализируется отдельно. Его оригинальность заключается в комплексном институциональном анализе, который охватывает как теоретические, так и практические обсуждения неформальных и правоприменительных барьеров на пути мобилизации ресурсов исламского финансирования, которые не являются очевидными.

The predicted infrastructure deficit of US$84 billion in Kazakhstan by 2040 can be substantially mitigated through the execution of public-private partnership (PPP) initiatives and the attraction of investments from alternative sources, such as Islamic finance. Islamic finance has significant potential to bridge this gap but faces institutional barriers to mobilizing it. This study examines the institutional conditions affecting the mobilization of Islamic finance for infrastructure PPPs in Kazakhstan. Directed qualitative content analysis of institutional documents is guided by Douglass North’s distinction between formal rules, informal constraints, and enforcement. The analysis combines legislation, regulatory materials, and published market evidence with two illustrative cases, the BAKAD road and Kokshetau Hospital. The study finds that Kazakhstan’s challenge hindering the effective mobilization of Islamic finance for infrastructure PPPs is not only to expand the existing fragmented regulatory framework for Islamic finance but also to realign formal institutions with deep-rooted social informal norms and regulate enforcement mechanisms. This study makes a unique contribution by examining the mobilization of Islamic finance within PPP frameworks in Kazakhstan, a topic the existing literature typically analyzes separately. Its originality lies in comprehensive institutional analysis, which encompasses both theoretical and practical discussions on informal and enforcement barriers to mobilizing Islamic finance resources that are not obvious.

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The authors declare that there are no conflicts of interest present.