PROBLEMS OF IMPLEMENTATION OF ISLAMIC FINANCIAL PRODUCTS IN THE REPUBLIC OF KAZAKHSTAN
Currently, the products of Islamic finance are not actively introduced into the financial and credit system of the Republic of Kazakhstan. Since the current deposit insurance mechanism does not apply to deposits of Islamic banks, it also does not allow banks to maintain their portfolios of Islamic deposits in case of low or negative indicators of profitability of the underlying assets that underlie such deposits. This reduces the attractiveness of Islamic deposits and creates negative incentives for almost all clients, except for a few who have a high risk-taking tendency. Common problems in the field of Islamic finance include: lack of qualified personnel with experience in working with Islamic products; low financial literacy and low awareness of the population and business in the field of Islamic finance, non-compliance with the principles of Islamic finance.