Launching a second Islamic Bank is not yet certain: Development Bank of Kazakhstan

Development Bank of Kazakhstan (DBK) is not yet certain on launching a second Islamic bank in Kazakhstan, Profinance.kz reports. “Launching an Islamic bank [to be second in Kazakhstan] is at the business plan stage. Viability can be seen following the business plan completion”, the DBK told Interfax – Kazakhstan. In march 2011 the then Chairman of the Board at DBK Gali Isskaliyev had said that the DBK would have a final decision on a second Islamic bank in Kazakhstan not earlier than in May 2011. “A business plan is being drafted. It is expected to be completed in May. A final decision is to be taken right after”, he said at the time. Earlier the country’s media reported that in summer 2010 the DBK, Malaysia’s AmanahRaya and Kazakhstan’s Fattah Finance had announced their plan to launch an Islamic bank. Kazakhstan is already home to Al Hilal Islamic Bank, which 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.