Zaman Bank, Kazakhstan’s Islamic bank, was the country’s sole financial institution to post a loss in May, reporting a deficit of approximately $2.4 million, according to data from the National Bank of Kazakhstan.
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. Ghazanfar Bank, one of Afghanistan’s largest commercial banks, opened a correspondent account with Zaman Bank to enable direct payments between the two countries.
As...