Workshop: The Issuer’s Journey: Myths and Reality

Issuer’s Path: Myths and Reality

Target Audience:
Current and potential issuers, brokerage firms, consultants (including ASPs), representatives of legal and financial organizations, and other interested parties.

Event Objective:
To provide participants with a practical understanding of the process of entering the capital market via the AIX exchange, dispel persistent myths, present real issuance cases — including green and Islamic bonds — and identify growth opportunities for businesses and consultants in the current market environment.

Workshop Opening. Introduction

• Welcome remarks from the organizers
• Purpose of the event: bridging the information gap between companies and the capital market
• Overview of the workshop’s structure and format

Myths and Barriers: Why Companies Avoid the Capital Market

Debunking common myths:

• “Listing is complicated and expensive”
• “The exchange is only for large companies”
• “No one will buy our securities anyway”

Content:

• Overview of minimum requirements and step-by-step market entry process
• Institutional support and guidance from AIX
• Case Study

Listing as an Alternative to Bank Lending

• Comparison of conditions and risks between market and bank financing
• Justifying capital source selection depending on the business growth stage
• Impact of market access on company image and resilience

Potential of the Kazakh Capital Market for Business

• Analysis of the Kazakh capital market structure
• Current base rate and debt market development; equity market still maturing
• Institutional and retail investors: who they are and what they seek
• Risk appetite varies by sector
• Demand for more complex instruments, digital financial assets (DFA)
• Market entry opportunities for B2B, B2C, and B2G companies

The Role of Consultants in the Listing Process

• Responsibilities and added value provided by consultants
• Opportunities for legal and financial firms in the listing segment
• International practice: experience of LSE, Nasdaq Dubai and its applicability in Kazakhstan
• Examples

Key Success Factors for Bond Placement

• Assessing market conditions and timing
• Importance of disclosure, ratings, and ESG factors
• Investor communication: building trust and interest

Sustainable Financial Instruments: Green, Social, and Islamic Bonds

Speakers: Manas G. and Madina T.

• Structure and purpose of sustainable instruments
• Role of international standards and certifications
• Demand from international and local ESG investors

Real Case Studies (Discussion Session)

Q&A and Interactive Discussion

• Answers to participant questions
• Discussion of individual cases
• Clarification of specific aspects of legislation, regulation, and documentation
• Opportunities for individual project support

Closing & Informal Networking

• Closing remarks
• Networking, exchange of contacts, and one-on-one consultations with exchange representatives and invited consultants

• Offline session
• Q&A session
• Certificate

Assem Kumar
Head of Public Issuers, Astana International Exchange

Asem has over 10 years of experience in the financial industry, including trading management, liquidity analysis, and regulatory compliance. Prior to joining AIX, she held key positions at Halyk Finance and Eurasian Capital, where she managed capital market operations, investment analysis, and issuer relations. Her expertise spans the entire financial instrument lifecycle—from compliance to strategic placement. Workshop participants will benefit from her hands-on perspective on the listing process and real-life case insights.

Madina Tukulova
Head of Islamic Finance, AIFC Authority

Madina has deep expertise in Islamic finance, financial regulation, and capital market development. At AIFC, she is responsible for developing and implementing strategies to promote Islamic finance, engaging with international organizations, regulators, and financial institutions, and creating an enabling environment for Islamic investment in Kazakhstan.

Manas Gizhduaniyev
CEO, AIFC Green Finance Centre

Manas is a recognized expert in sustainable finance and ESG, with extensive experience in the financial sector. A graduate of the University of Aberdeen Business School, he specializes in integrating sustainability principles into business strategies and investment processes. As CEO of the AIFC Green Finance Centre, he leads ESG initiatives and promotes sustainable finance development across the region.