Kazakhstan aims to become a key part of the discussion as China and a number of Arab countries look for ways to develop their bilateral ties. Astana aspires to become a new global financial hub and Islamic finance is expected to be a key part of that goal. CGTN's Michal Bardavid reports.

Kazakhstan recently launched the Astana International Financial Center as it aspires for its capital to become a global financial hub. Between July 3rd and 5th an economic event was carried out where key issues were discussed such as regulation, digital economy, financial technologies, global investment opportunities and Islamic finance.

MICHAL BARDAVID ASTANA "China's role in the global economy was frequently discussed during the Astana finance days. Experts have emphasized that China's support can be very instrumental in the development of Islamic Finance."

DAUD VICARY ABDULLAH, CHAIRMAN AIFC ADVISORY BOARD ON ISLAMIC FINANCE "There are two essential elements for potential. One is, it sort of legitimizes Islamic finance in terms of scale. Long term investment commitment, economic development, social infrastructure, capital infrastructure and so on. The second thing is, besides legitimizing it, it actually gives scale, everything in finance is easier to do if you have got critical mass. China will bring the critical mass not just in retail market, but wholesale market. Most, especially the wholesale market."

Meanwhile, Kazakhstan has also positioned itself to take advantage of China's Belt and Road initiative as it strives to draw investors from Central Asian countries as well as from the Arab world to the Astana International Finance Center.

SHEIKH BILAL KHAN, MEMBER AIFC ADVISORY BOARD ON ISLAMIC FINANCE "The beauty of this is a Chinese link, a Russian link, English link and the Arab world, the Muslim world. I think that as a melting pot in an International Financial Center. You will not see anywhere else in the world."

Lawyers have also stressed that because the newly formed Astana International Exchange will be operating under the principles of English common law – it will create even more opportunities for collaboration between Central Asian countries and the Arab world.

SHEIKH BILAL KHAN, MEMBER AIFC ADVISORY BOARD ON ISLAMIC FINANCE "From an arbitration point of view, it doesn't have to be limited to English law. So if a dispute in Islamic finance, say Saud Arabia, or in Brussels or UK comes, if it comes here, we can do it on the basis of the parties on choice. If the party chooses a certain law or procedure. That is the flexibility it offers and it's amazing."

China and members of the Arab League have been working closely together since 2004 when the China-Arab Cooperation Forum was launched. Kazakhstan's newly established Astana International Financial Center – could very well strengthen these ties. Michal Bardavid, CGTN, Astana.