Baku, Azerbaijan, July 19 / Trend, S. Suleymanov /
Two agreements were signed by Kazakhstan's Fattah Finance and Malaysia's AmanahRaya Public Financial Group in Astana today. Fattah Finance is the first company in Kazakhstan providing services in accordance with sharia norms.
The two businesses signed agreements establishing an Islamic bank and a hedge fund in Kazakhstan.
Kazakhstan sees the implementation of the agreements as a priority. Kazakh President Nursultan Nazarbayev recently said the country would aim to become an Islamic financial hub in the region.
The first Islamic bank in Kazakhstan - the Al Hilal Islamic Bank - opened in March 2010. The bank is a subsidiary of the Al Hilal Abu Dhabi Bank, owned by the Abu Dhabi government.