Al Hilal Bank, the Abu Dhabi-based Islamic lender, yesterday announced its decision to establish an Islamic bank in Kazakhstan. The initiative marks Al Hilal's first venture outside the UAE and the first Islamic bank in Kazakhstan.
An agreement was signed in Abu Dhabi by a Kazakh-stan delegation led by Ruslan Dalinov, Deputy Minister of Kazakhstan's Ministry of Finance, and Ahmad Ateeq Al Mazrouei, chairman of Al Hilal Bank.
The agreement marks Al Hilal Bank's first international expansion initiative. Al Hilal bank will be responsible for setting up and managing the operations of the new bank, focusing on corporate and personal banking and offering Islamic finance solutions for small and medium enterprises.
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