Al-Amanah Islamic Bank Ltd., wholly owned by a Qatari investment firm, has received a license from the Astana Financial Services Authority (AFSA), the regulator of the Astana International Financial Centre (AIFC), to conduct Islamic banking and provide money services. However, the bank cannot begin operations until it obtains further regulatory approval. Economist Arman Batayev reported the development, citing the AFSA registry.
The license was issued to Al-Amanah on Oct. 28, 2024. The company was registered with the AIFC on Aug. 21, 2024, with stated share capital of $10 million.
Its sole shareholder is Finagroup Holding LLC, a private investment firm based in Doha, Qatar, that invests in the financial and technology sectors.
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Al-Amanah Islamic Bank is headed by Nargiza Khudabaeva. Its board of directors also includes Maksim Poletaev and Mirlan Taimurzayev.
According to the Adata compliance platform, Khudabaeva also founded Majestic Travel, a tour operator established in June 2024. In interviews, she has described having 25 years of corporate experience and having held senior management positions, including CEO and chief financial officer.
Poletaev previously served as first deputy chairman of the management board at Sberbank of Russia, where he oversaw the corporate business division. He later chaired the board of directors of gold producer Polyus. Media reports have also described him as a prominent Russian business executive. He currently serves as chairman of the board of directors of Fortenova Grupa and deputy CEO of USM Holding. He is also a co-founder of venture capital fund Gauss Ventures and a major investor in startup Briskly.
Taimurzaev previously headed another Islamic bank operating within the AIFC ecosystem, Al Safi Bank, which was registered in November 2022.
What services will the new bank provide?
Al-Amanah plans to serve professional clients and financial market participants rather than retail customers.
The bank intends to attract deposits using the Islamic financial principles of Qard and Wakala, including Wakala Unrestricted Profit-Sharing Investment Accounts (UPSIA). It also plans to provide financing through Murabaha and Tawarruq arrangements.
Additionally, Al-Amanah intends to facilitate cross-border trade settlements and conduct foreign exchange transactions at prevailing spot market rates.
The bank must comply with AIFC regulations and standards established by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). An independent Sharia supervisory board will oversee its compliance with Sharia principles.
