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Malaysia’s Amanah Raya plans Kazakhstan Islamic bank in 2012-report

The bank opened its Kazakh offices in March 2010.

January 4, 2011 10:06 by

Malaysian trustee firm Amanah Raya Bhd expects to obtain licences to set up Kazakhstan’s second Islamic bank in the second quarter of 2011 and begin operating the lender within a year, a newspaper reported on Tuesday.

Amanah Raya would have a 55 percent stake in the joint venture company to be set up, state-run Development Bank of Kazakhstan will own 40 percent and brokerage Fattah Finance the balance, Malaysia’s Business Times reported.

“The operation strategies are also being formulated by the parties to ensure that the bank will be acceptable in the retail and commercial markets,” an Amanah Raya spokesperson was quoted as saying.

Oil-rich Kazakhstan is drawing on Arab and Malaysian investment to build an Islamic banking industry among its 13 million Muslims and diversify its financial industry after a banking crisis.

Al Hilal, owned by the government of Abu Dhabi, was the first bank to tap Kazakhstan when it passed new laws in 2009 to allow an Islamic finance industry. The bank opened its Kazakh offices in March 2010.

(Reporting by Liau Y-Sing; Editing by Niluksi Koswanage)

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