IslamicFinance.de

The Islamic Corporation for the Development of the Private Sector (ICD) moves in the Islamic banking sector of Kazakhstan with a mandate of converting a regional Bank into an Islamic bank with expected investment of up to 35 percent of the subscribed and paid up capital of the bank. Accordingly, it will become second Islamic bank in the country. 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 capital of $ 36 million. In addition, ICD extended $ 20 million for the real estate development project and committed $ 40 million lines of financing facility for the SME sector in the country.