National Bank suspends licenses of three banks for some banking operations

The Committee for Financial Supervision of the National Bank has suspended licenses of three Kazakhstan-based banks for taking in deposits, KazTag reports, citing the Committee. July 22 the National bank decided to suspend licenses of Senim bank, TAIB Kazakhstan bank and Al Hilal, first Islamic bank in Kazakhstan, for taking in deposits and opening accounts for individuals. The suspension is for three months. Besides, Credit Altyn bank had its license suspended for taking in deposits and opening accounts for legal entities. The reason behind the decision was the banks’ failure to meet requirements in terms of minimum authorized capital. 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.