The implementation of case law elements in the legislation of the Republic of Kazakhstan was first discussed in Almaty

Today, the Kazakh National Pedagogical University named after Abay, the Sorbonne-Kazakhstan Institute together with the International Financial Center «Astana» and the Foundation of the First President of the Republic of Kazakhstan – Elbasy held a meeting of the international round table on the topic «On the prospects for implementing elements of case law into the legislation of the Republic of Kazakhstan. Work experience of the International Financial Center «Astana».

The event was attended by: Igor Ivanovich Rogov – the Deputy Executive Director of the Foundation of the First President of the Republic of Kazakhstan – Elbasy, member of the Venice Commission of the Council of Europe from the Republic of Kazakhstan, Doctor of Law, Professor, Sheikh Bilal Khan – the Director for Islamic Finance at the International Financial Center «Astana», a member of the board of arbitrators of the International Arbitration Center of the IFC «Astana», a member of the Advisory Board of the IFC «Astana» on Islamic finance, a lawyer at senior courts in England and Wales, a partner and globally Head of Islamic Finance, Kazakh scientists of higher educational institutions of Almaty, the French specialist in the field of law and finance, as well as experts of the Chamber of Commerce «France-Kazakhstan», expert practitioners.

For the first time, the international round table discussed the implementation of elements of case law into the legislation of the Republic of Kazakhstan, and also studied foreign experience of case law.

As Igor Rogov noted: «At the moment, Kazakhstan is the first of the countries of the Eurasian Economic Union to introduce standards of case law, because it recognizes the need of international global companies to secure their investments. It is also worth noting that the expediency of implementing the principles of English law into the Kazakhstan legal system is dictated by the desire to maintain competitiveness and the need to follow international standards. Improving the national justice system by creating the AIFC, introducing and using a source of law that has earned its authority in the world and used in leading world powers and financial centers are the first and, as the first results show, effective steps in implementing case law in Kazakhstan».

In his speech, Sheikh Bilal Khan explained in more detail the precedent system and the importance of its implementation in the legislation of the Republic of Kazakhstan. He also revealed to the audience all sides of case law, and especially its advantages: «Quick. Continued. Evolutionary». «The first President of the country, Nursultan Nazarbayev, in one of his speeches spoke about his vision of how to open the IFC for international markets. And one of the best exits to the world market is English law. This right governs relationships in many countries around the world. We can consider both civil and economic processes in Europe and the Eurasian Economic Union, disputes in various sectors of the economy and commerce, which can include any area», said Sheikh Bilal Khan.

In her speech, the moderator of the international round table, director of the Sorbonna-Kazakhstan Institute (Kazakhstan), a member of the Scientific Advisory Council under the Constitutional Council of the Republic of Kazakhstan, doctor of legal sciences, professor Sabitova Ainur Alimkhanovna welcomed all guests and participants of the international round table, noting: «At the Institute Sorbonne-Kazakhstan KazNPU named after Abay April 23, 2019, together with the International Financial Center «Astana» (AIFC), the Center «Cases Law» was opened, and a cooperation agreement was signed. The Center «Cases Law» aims to train future international lawyers, specialists in international and European law, international relations, and the economic sector. The opening of the Center «Cases Law» is an important indicator of the development of the Sorbonne-Kazakhstan Institute KazNPU named after Abay and a dialogue platform for leading international companies, financial institutions, Kazakhstani and foreign universities. The Sorbonne-Kazakhstan Institute is a center for testing new innovative approaches to modern educational standards. We are sincerely grateful to the International Financial Center «Astana» and the Foundation of the First President of the Republic of Kazakhstan – Elbasy for their support!».

Also, the transaction support manager of the international consulting company Deloitte Baurzhan Shalbayev spoke on the topic «Fintek – challenges and opportunities». He spoke about the trends in the financial sector due to technical development, such as online payments, blockchain, etc. «Personalization, increase in efficiency and productivity in this area is happening. Modern technological solutions pose new challenges in the financial sector, but at the same time they open up new opportunities in it», said Baurzhan Shalbayev.