The Islamic Corporation for the Development of the Private Sector goes into a strategic alliance with Zaman Bank of Kazakhstan
The Islamic Corporation for the Development of the Private Sector (ICD) announced on 23 May 2013 its footsteps in the Islamic banking sector of the Republic of Kazakhstan with a mandate of converting a regional and leading regional Bank into an Islamic bank with expected investment of up to 35% of the subscribed and paid up capital of the bank. Accordingly, it will become second Islamic bank in the country.
Mr. Khaled Al Aboodi the CEO of ICD stated that this strategic initiative reflects ICD’s continuous effort to play a catalyst role in the promotion of Islamic finance and private sector development in Kazakhstan. Earlier, ICD, together with a diverse group of International and local investors including owners of Zaman Group established the first Islamic Leasing (Ijara) Company in Kazakhstan with authorized l capital of USD 36 million. In addition, ICD extended USD 20 million for the real estate development project and committed USD 40 million lines of financing facility for the SME sector in the country.
Mr. Alan Abguzhinov the Managing Director of Zaman Group announced that with the support of all stakeholders in Kazakhstan, this strategic move under joint collaboration between ICD and Zaman Bank, is expected to bring significant alignment to support the government’s 2020 vision to make Almaty as the center of Islamic finance in the region through institutional and legislative development and creation of infrastructure for Islamic finance.
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’a. ICD also provides advice to Governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. For more information, visit www.icd-idb.org
About Zaman Bank
Zaman Bank was established in 1991 with headquarter located in Ekibastuz. At present, the capital of the bank stands at USD 60 million with total assets base of USD 120 million. The bank has been able to show years of good profitability track record, even during the global financial crisis.