Al Hilal opens first Islamic bank in Kazakhstan

The Abu Dhabi government-owned Al Hilal bank will open Kazakhstan’s first Islamic bank in the first quarter of 2010.

The bank registered at the start of the year and is in the final stage of obtaining a banking licence to become a commercial bank operating through branches in northern city Astana and south-eastern city Almaty.

Al Hilal Islamic bank (Ahib) will provide Islamic banking solutions through corporate and public banking, with the corporate arm focusing on financing products and trade finance, as well as cash management and consulting solutions.

All banking products and services offered by Ahib will be fully shari’a compliant and monitored by in-house shari’a scholars before being approved by the Islamic Finance Principles board of Ahib.