Azerbaijan, Baku, June 1 / Trend, S. Suleymanov /
Al Hilal Islamic Bank is ready to begin financing of the concrete projects in Kazakhstan, contributing to economic development, the chairman of the board of Al Hilal Islamic Bank in Kazakhstan Prasad Abraham said at a meeting with Chairman of the Board of the Kazakhstan public-private partnership center JSC Bolat Smagulov.
During the meeting Bolat Smagulov informed Prasad Abraham about Concept of development of public-private partnership in Kazakhstan till 2014 prepared by the Centre jointly with the Ministry of Economic Development and Trade. The sides discussed the possibility of participation of the Hilal Bank in implementation of the Center's projects.
Hilal Bank is interested in the construction of kindergartens in the Karaganda region", Prasad Abraham said.
He reminded that the purpose of establishing JSC Hilal Bank in Kazakhstan is funding projects contributing in economic development, however he noted that these projects should be commercially interesting
Al Hilal Islamic Bank in Kazakhstan was registered in January 2010. Earlier, it was reported that, establishment of an Islamic bank was agreed at the intergovernmental level between the two countries: the UAE and Kazakhstan.
As the main impetus for the establishment of the bank served the Kazakh Government's initiatives aimed at encouragement of the development of Islamic banking in the country in terms of changes in banking laws and regulations of the country, as well as the Civil Code and Tax Code.
Prudential regulations for Islamic banks presented by the State Financial Supervision Agency have been developed given the establishment of equal conditions for both them and for commercial banks.
Opening of Islamic banks in Kazakhstan and expansion of the principles of Islamic funding will opens new investment and financial opportunities for local companies to work with Islamic investors.