Perspectives of the Court of the Astana International Financial Centre: Potential to Transform the Central Asian Legal Landscape

Abstract

AbstractThe rise and proliferation of International Commercial Courts has become a perceptible trend across the European and Asian continents over the past two decades. One such dispute resolution hub exists within the Astana International Financial Centre, a special jurisdiction within the Republic of Kazakhstan that operates on the basis of common law principles. The Astana International Financial Centre and its Court were modelled on the international financial centres of Dubai and Qatar; however, there are substantial differences between the legal systems of the Gulf States and that of the Republic of Kazakhstan. As a result, the creation of a new court has led to considerable criticism within the local legal community, raising serious doubts as to whether the Kazakh state should be maintaining and financing a ‘caviar-court’ instead of using resources to reform and develop the national judicial system. Nevertheless, despite the scepticism surrounding the financial centre, there is potential for the Astana International Financial Centre and its Court to become a regional dispute resolution hub for post-Soviet countries and the Central Asian region, following the example of Singapore and Dubai.