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| 06 September, 2017

Zaman Bank receives Islamic banking license to operate in Kazakhstan

Zaman Bank receives Islamic banking license to operate in Kazakhstan

Bank is well positioned to become one of the largest Islamic Banks in Kazakhstan by 2021.

With the combined capacity of its Ekibastuz based team and Shariyah Review Bureau’s expertise, the bank is well positioned to become one of the largest Islamic Banks in Kazakhstan to 2021.

Zaman Bank is pleased to announce that on 17 of August 2017 it has been licensed by National Bank of Kazakhstan for serving Islamic banking products in the country. The license, second of its kind to be granted in the Republic of Kazakhstan, will enable Zaman to offer a comprehensive range of customized Islamic banking solutions, including taking corporate deposits, and offer Sharia complaint loans and advances to corporate entities, government and semi-government institutions.

“It’s a momentous day for Zaman Bank” said Ms. Elena Gupalo CEO of Zaman-Bank. "Obtaining our Islamic banking license is a major milestone for us, and we will relentlessly work to further expand our product line for our retail and corporate customers," "We have made key capital investments that now enable us to rapidly deploy our Shariah compliant services in the most consistent and efficient manner." Speaking about Shariyah Review Bureau she said “The support we have received from them has given Zaman-Bank a huge boost and it has enabled us to develop innovative and robust Shariah compliant products for our customers.”

Zaman-Bank currently officially renamed to JSC Islamic Bank “Zaman-Bank” and has 1 branch in Almaty. Headquarter based in Ekibastuz city of Pavlodar region. The Bank has anchored its presence in the country since 1991. DiarSmagulov, Deputy Chairman said “We are pleased to be in a position to offer Shariah 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 leading Shariah Advisory firm, it is well-regulated by the Central Bank of Bahrain, and has the most diverse and sophisticated network of Shariah scholars, and is widely considered as an ideal base from which financial businesses can grow and expand their operations.

Yasser S. Dahlawi, CEO of Shariyah Review Bureau said: “We are confident of delivering our Sharia Advisory services to Zaman-Bank and help support their strategic affluence and banking activities in a Sharia compliant way. The ability to easily access key tenets of investment knowledge in a Shariah- compliant manner is critical to enabling banking institutions like Zaman-Bank and to continually improve the quality and efficiency of their products.” Speaking on the potential of the country he added, “Kazakhstan’s position in the region serves as a strategic economic hub, with immense opportunities for Shariah-compliant investment and wealth for both individuals and businesses.”

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© Press Release 2017