Zaman Bank receives Islamic banking license to operate in Kazakhstan

Zaman Bank has been licensed by National Bank of Kazakhstan to provide Islamic banking products in the country.

The license, the second of its kind to be granted in the Republic of Kazakhstan, will enable Zaman to offer a comprehensive range of customised Islamic banking solutions, including taking corporate deposits and offering Shari’ah compliant loans and advances to corporate entities, government and semi-government institutions.

“It’s a momentous day for Zaman Bank,” said Elena Gupalo CEO of Zaman Bank. “Obtaining our Islamic banking license is a major milestone for us and we will work relentlessly to expand our product line further for our retail and corporate customers. We have made key capital investments that now enable us to rapidly deploy our Shari’ah compliant services in the most consistent and efficient manner.”

She said, “The support we have received from (Shariyah Review Bureau) has given Zaman Bank a huge boost and it has enabled us to develop innovative and robust Shari’ah compliant products for our customers.”

Zaman Bank currently has one branch in Almaty and its headquarters are in the Ekibastuz city of the Pavlodar region. The bank has had a presence in the country since 1991.

DiarSmagulov, deputy chairman of the bank said “We are pleased to be in a position to offer Shari’ah compliant banking capabilities to our regional and international clients. We will continue to broaden our suite of Islamic offerings and bring our expertise to our local clients and support their future business needs.”

Shariyah Review Bureau is a Shari’ah advisory firm and is regulated by the Central Bank of Bahrain.

Yasser Dahlawi, CEO of Shariyah Review Bureau said, “We are confident of delivering our Shari’ah advisory services to Zaman Bank and will help support their strategic affluence and banking activities in a Shari’ah compliant way.”

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