ASTANA — When Renat Bekturov first joined what would become the Astana International Financial Centre (AIFC), the institution existed only as an idea. There were no success stories to point to and no guarantee that an international financial center could take root in the heart of Eurasia.
Nearly a decade later, the conversation has shifted. The AIFC has grown into an ecosystem with its own exchange, court, arbitration centre, business-friendly regulatory framework and growing international reputation. Renat Bekturov, the governor of the Astana International Financial Centre (AIFC).
Photo credit: The Astana Times “It was just an idea. Now this is a real jurisdiction with real working institutions,” he recalled. That philosophy of institution building runs through nearly every initiative the AIFC pursues. Whether discussing Islamic finance, critical minerals, creative industries or digital assets, Bekturov repeatedly returns to one belief: institutions matter because they outlive the people who create them.
“I believe people create institutions, institutions create policy or culture, and culture affects people again. We’re trying to create an institution that will live beyond us and serve the economy and investors for many years ahead,” he said. The vision has since translated into tangible results.
Nearly a decade after its launch, the AIFC hosts more than 6,000 companies from over 90 countries, including companies from the United States, the United Kingdom, China, Türkiye, Singapore, and the UAE, has attracted more than $25 billion in investment, and has ranked as the leading financial center in Eastern Europe and Central Asia for three consecutive years in the Global Financial Centres Index.
Those milestones reflect not only the center’s growth but also the institution-building philosophy Bekturov believes is essential for long-term success. In an interview with The Astana Times, Renat Bekturov shared his thoughts with Aida Haidar. Photo credit: The Astana Times That long-term perspective also shapes how the AIFC identifies new areas for growth.
Rather than focusing exclusively on traditional banking or capital markets, the center is building financial infrastructure around sectors where Kazakhstan has long-term competitive advantages. Islamic finance is one example. While still developing in Kazakhstan, Bekturov believes it represents a significant opportunity for both the country and the wider Central Asian region, where many practicing Muslims remain underserved by conventional financial products.
Critical minerals are another strategic priority. As global demand rises for rare earth elements used in renewable energy, electric vehicles and advanced technologies, Kazakhstan’s vast mineral wealth is attracting growing international interest. But natural resources alone are not enough.
“The opportunities and ideas are nothing if they don’t have capital,” Bekturov said.