ZAMAN GROUP is an active participant of development process of Islamic Financial Institutions in Kazakhstan. Two organizations of ZAMAN GROUP, representing financial sector: JSC ZAMAN-BANK and ZAMAN-LEASING LLP – work actively towards this course.
In December 2012, ZAMAN-LEASING LLP became a co-founder of JSC Kazakhstan Ijara Company. Kazakhstan Ijara Company delivers services of financial leasing, according to Islamic Law principals. At the present time JSC Kazakhstan Ijara Company moves fast in domestic market of financial services.
Having signed a memorandum of strategic cooperation, the Islamic Corporation for the Private Sector Development (ICD) declared in May, 2013 about its subsequent step in Islamic Banking Sector of the Republic of Kazakhstan and obligation to make regional JSC ZAMAN-BANK into Islamic Bank with expected investments up to 35% of signed and paid Bank capital.
As early as the end of 2013, JSC ZAMAN-BANK, controlled by the National Bank, goes through the procedure of conversion from commercial into Islamic Bank. It means that ZAMAN-BANK will be the second Islamic Bank and the first Kazakh Islamic Bank in the country, which serves not only corporate clients, but individuals too.
“Powered by all concerned parties in Kazakhstan, this strategic step within the frameworks of cooperation between Corporation and ZAMAN-BANK is expected to be essential support to realizing Kazakhstan government vision – to make Almaty into Islamic Financial business centre in the region by institutional development and legislation improvement and also by creation of infrastructure for Islamic Finance Business by 2020”.
Islamic finance is the system based on high ideals and moral values of Islam and, at the same time, used within the frameworks of modern system.
Implementation of the Islamic financing in Kazakhstan may open new possibilities for the development of the actual sector of the Kazakh economy. Promoted at the highest state level, it is expected that the Islamic financing in Kazakhstan will promote the activity of enterprises through the attraction of capital and large international participants of the Islamic financial industry for the financing of investment and large infrastructure projects. Development of the activity of financial institutions is possible in the future due to implementation and increase of the liquidity increase of new types of products, development of private entrepreneurship by the attraction of new investors.