Abu Dhabi's government-owned Al-Hilal Bank plans to open Kazakhstan’s first Islamic bank in December, starting with two branches, and wants to expand to other former Soviet Union states, its CEO said recently.
Al-Hilal will headquarter the new bank called Al-Hilal Islamic Bank in Almaty, with an initial capital of about 100 million dirhams ($27 million).
Kazakhstan is central Asia’s biggest economy and oil and mining are its key industries.
Al-Hilal Bank, which opened its 11th branch in the United Arab Emirates this month, said it also plans to open four more in the UAE by the end of this year to tap growing demand for Islamic banking.
The global credit crunch and the slowing of economies in key Islamic financial centers are putting pressure on the $1 trillion Islamic finance industry, its biggest test since it began 30 years ago |
