On Nov. 6, 2024, a testing payment was made between Kazakhstani Zaman Bank and Afghani Ghazanfar Bank, marking the first transaction since Kazakhstan removed the Taliban from its list of terrorist organizations. This initial $10,000 transfer processed by Zaman Bank is expected to catalyze increased trade between the two nations.
In late 2023, Kazakhstan removed the Taliban from its terrorist list, noting the importance of fostering trade and economic ties with Afghanistan’s current government and acknowledging it as a long-term geopolitical factor.
Kazakhstan’s Vice Prime Minister Serik Zhumangarin shared news of this «historic» transaction on his social media page on X. His press office later clarified why Zaman Bank was the first institution to engage in business with Afghanistan. Zaman Bank was the only financial institution willing to work with the Taliban; other banks are reportedly «still hesitating.»
One of the five oldest banks in Kazakhstan
Zaman Bank was founded in June 1991 as a regional bank headquartered in Ekibastuz, making it one of Kazakhstan’s five oldest financial institutions. In July 2016, Zaman Bank received approval from the National Bank to become an Islamic bank, forming its Sharia Supervisory Board in early 2017 with members from the Shariyah Review Bureau. In August of that year, Zaman Bank received a license to conduct Islamic banking operations and rebranded as Islamic Bank Zaman-Bank JSC. According to the Kazakhstan Stock Exchange (KASE), in February 2020, the bank renewed its license to operate as an Islamic financial institution. Today, it continues as a partner of Shariyah Review Bureau, an international firm specializing in Shariah compliance consulting.
Gulfairuz Assayeva is the current chair of Zaman Bank’s board, though public information about her remains scarce. The bank’s major shareholders are the Abguzhinov family: brothers Tasbulat and Bekbolat Abguzhinov, along with Tasbulat’s son Alan. Tasbulat Abguzhinov is frequently mentioned by media as one of the most influential figures in Ekibastuz, where his family’s business interests extend beyond Zaman Bank to include a coal mine and several other commercial enterprises.
The Abguzhinov family has occasionally been at the center of public interest. In 2017, reports detailed an incident involving Tasbulat Abguzhinov and a dispute over an alleged debt of $292,000. In December 2016, Ratel.kz reported that businessman Sabyr Karagayev, accompanied by six Russian citizens, visited Tasbulat Abguzhinov at his Gamma LLP office to allegedly discuss a debt claim. The situation seemed to escalate to gunfire; police later identified extortion as a possible motive. Six months later, media outlets reported that the involved parties had settled the matter privately, with no further legal action. However, in 2018, all defendants in the 2017 extortion case involving the Abguzhinov family were found guilty of large-scale extortion. The Moscow businessmen were sentenced to eight years in prison, while the Kazakhstani citizen received a nine-year sentence.
Additionally, in 2018, the Abguzhinov family was involved in another trial over allegations of extortion by officials from the Department of State Revenues in the Pavlodar region. The brothers had initially filed a complaint against the officials for a $2.5 million tax evasion case. However, the officials were later acquitted.
According to Zaman Bank’s official website, the Islamic Corporation for the Development of the Private Sector (ICD), part of the Islamic Development Bank Group (IDB), is one of its shareholders. The ICD’s focus on cross-border projects and Islamic finance likely influenced Zaman Bank’s decision to establish ties with Afghanistan.
Financial performance and ranking
Zaman Bank’s financial standing has seen a slight decline. In 2023, it ranked 20th among Kazakhstan’s financial institutions, dropping to 21st in 2024. According to the National Bank of Kazakhstan, as of Oct. 1, 2024, the bank holds $101 million in assets.
According to recent data from KASE, Zaman Bank has experienced significant growth over the past three months. As of Oct. 1, 2024, its assets nearly doubled, reaching $135 million compared to $71 million in July. This variance from the regulator’s data is likely due to differing accounting approaches. The bank’s liabilities also increased, from $44 million to $107 million, while its equity rose to $27 million.
Notably, Zaman Bank’s net profit grew by 29% from the previous quarter, amounting to $2.2 million. This resulted in an improvement in return on equity (ROE), climbing from 6.54% to 8.31%, signaling better capital efficiency. However, the bank’s return on assets (ROA) declined from 2.47% to 1.68%, reflecting the impact of its expanded balance sheet.
