Islamic banks of Kazakhstan expand assets

Finance Materials 24 June 2019 15:02 (UTC +04:00)

Baku, Azerbaijan, June 24

By Nargiz Sadikhova - Trend:

The percentage of Islamic banks’ assets in the structure of banking sector of Kazakhstan increased from 0.16 percent in last year to 0.21 percent, Trend reports with reference to Finprom.

Currently, there are two operating Islamic banks in Kazakhstan. The volume of assets of these banks amounted to 51.7 billion tenge in April 2019, which is 32.6 percent more than in the same period of last year. In the previous year, this sum equaled to 39 billion tenge with an annual increase of 3.2 percent.

The loan portfolio of Islamic banks increased by 13.3 percent in April and amounted to 24.5 billion tenge, which is only 0.09 percent of the loan portfolio of second tier banks of Kazakhstan. In April 2018, this sum amounted to 21.6 billion tenge with an annual increase of 19.7 percent.

Furthermore, sum of the deposits in Islamic banks amounted to 11.6 billion tenge in April, which is twice as much as in April 2018, when this sum equaled to 5.8 billion tenge, with a decrease of 26.2 percent in a year.

(1USD = 378.04 KZT on June 24)


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