Qatar’s Al Rayan setting up digital bank in Kazakhstan
A subsidiary of Qatar’s Masraf Al Rayan is setting up a digital bank at the Astana International Financial Centre.
The company said in a bourse filing on Monday (Mar 2) that Al Rayan Investment is currently working on the requirements to set up the new bank with an expected paid-up capital of $10 million and authorised capital of $20 million.
Shariah-compliant Al Rayan said it is in the process of singing a memorandum of understanding with the AIFC to establish a framework for cooperation during the licensing process.
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