Zaman Bank, Kazakhstan’s Islamic bank, rolled out its first retail product this year — unsecured Islamic consumer loans with a maximum loan amount of 3 million tenge (about $5,500) — while progress on Islamic mortgages remains to be seen, according to the bank’s CEO Gulfairuz Assayeva.
Notably, the bank made headlines in November 2024 when a test payment was successfully processed between Zaman Bank and Afghanistan’s Ghazanfar Bank, marking the first financial transaction since Kazakhstan removed the Taliban from its list of terrorist organizations in late 2023.
Islamic loans
Assayeva said that within two months, the bank...