Association of Financiers of Kazakhstan

The Association of Financiers of Kazakhstan (AFK) brings together more than 130 financial market participants: second-tier banks, insurance organizations, mortgage and leasing companies, microfinance organizations and pawnshops, UAPF JSC, professional securities market participants, audit and consulting firms, research and educational institutions, and the media. The association itself describes its member financial organizations as the representative organizing core of the country's financial community.

History

AFK was established in May 1999 by resolution of the 1st Congress of Financiers of Kazakhstan. It was founded by the five largest second-tier banks — Kazkommertsbank, Bank TuranAlem, Halyk Bank of Kazakhstan, Temirbank and Bank CenterCredit — and the insurance company Kazakhinstrakh. Over the years, the association has been headed by well-known financiers, including D. Kh. Sembayev, O. A. Zhandosov, K. K. Damitov, S. A. Akhanov and A. R. Yelemessov.

Mission and objectives

AFK's mission is to protect the interests of its members and to help increase their shareholder value. To this end, the association:

• represents its members before state and other bodies and protects the common interests of financial market participants;
• monitors changes in legislation and takes part in improving it;
• collects and consolidates members' proposals on problematic issues in the financial sector;
• sets up working groups in priority areas and develops consolidated proposals with the authorized bodies;
• helps strengthen the reputation of the financial community.

Interaction with the state

AFK is accredited to expert councils under the National Bank, the Agency for Regulation and Development of the Financial Market, the Ministry of Finance, the Ministry of National Economy, the National Chamber of Entrepreneurs “Atameken” and other government bodies. Its representatives sit on working groups of Parliament, the Government and the National Bank that draft laws and secondary legislation. Members of the association have access to draft regulations and can submit their proposals on them.

Insurance

The insurance market is a separate area of AFK's work, for which the association has an Insurance Market Development Center. Its register of members includes more than twenty insurance and life insurance companies, the Insurance Payments Guarantee Fund and a number of insurance brokers. Its associate members include industry associations, among them the Agricultural Insurance Association, the Association of Insurance Services Consumers and the Association of Insurance Agents and Brokers.

Information activities

AFK informs its members about new regulations and recommendations of international financial organizations, holds round tables, conferences and seminars, and publishes analytics and market reviews. The association has a code of ethics and a certification programme for financial market professionals.

Official website: afk.kz