| Kippreport.com

Al Hilal opens Kazakhstan’s first Islamic bank

March 20, 2010 10:45 by kippreport

The Financial Markets Authority in Kazakhstan has granted Abu Dhabi’s Al Hilal Bank an official license to open the country’s first Islamic bank. The new bank, started with a capital of $36 million, is fully owned by Al Hilal Bank. The main headquarters will be established in Almaty with a second branch in Astana, and both will begin operations on March 25, Ateeq al-Mazrouei, Al Hilal bank’s chairman said in a statement.

The bank also plans to open two new branches by end of this year, he said, adding that it expects to participate in financing upcoming projects in Kazakhstan in the oil, gas and infrastructure sectors.

Tags: Al Hilal bank, Islamic bank, Kazakhstan