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Islamic financial products to be accessible to individuals by late 2011

26 april 2011, 13:04
0
Vesti.kz stock photo
Vesti.kz stock photo
Islamic financial products can be accessible to Kazakhstan residents as early as at the end of this year. The only Islamic bank in Kazkahstan focused on corporate clients plans to launch retail programs. This was announced by Prasad Abraham, chairman of the board of Al Hilal in Kazakhstan, in an interview for Profinance.kz.

A second Islamic bank is to shortly emerge in Kazkahstan to offer services mostly to individuals. However, according to experts, the population is not yet fully aware of the Islamic finance principles. And this may pose a major problem for the bank seeking to enter the market.

Al Hilal Islamic Bank is a 100% subsidiary of Al Hilal Bank, UAE, and the first Islamic bank in Kazakhstan and CIS countries. First Islamic banking license obtained on 17th of March, 2010.

Kazakhstan is going to take over the chairmanship of the OIC in June. The Organization of the Islamic Conference (OIC) is an international organization with a permanent delegation to the United Nations, with 57 member states. The organization attempts to be the collective voice of the Muslim world and attempts to safeguard the interests and ensure the progress and well-being of Muslims.

7th World Islamic Economic Forum will be held in Astana June 7-9, 2011. World Islamic Economic Forum is headquartered in Malaysia. Formerly known as the OIC Business Forum, the Forum was renamed to reflect the inclusion of Muslim business communities in other parts of the world and also to include the participation of the non-Muslim business community interested to establish good business relationships with the Muslim world.

Islamic banking in Kazakhstan Al Hilal’s Story by: Prasad Adraham

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