Halyk Bank seeks Islamic banking licence in Kazakhstan
Kazakhstan's largest bank by assets has secured shareholder approval to apply for a licence to conduct Islamic banking operations, in a move that would give Sharia-compliant finance access to the country's largest banking platform.
Shareholders at Halyk Bank voted to pursue the licence at an extraordinary general meeting on September 25, also approving amendments to the bank's charter to accommodate the planned Islamic banking activities.
Halyk will establish an Islamic Financing Principles Council to oversee compliance with Islamic finance requirements. Shareholders elected three members to serve on the one-year council: Aznan Hasan, a Malaysian academic and Islamic capital-markets specialist; Salim Al Ali, an expert in Islamic finance law and regulation; and Aida Othman, a specialist in Islamic banking law and financial regulation.
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