Al Hilal opens new branch in Kazakhstan

The state-controlled Abu Dhabi Investment Council owned Al Hilal Bank, having 14 braches, took a major step to increase its presence in the Central Asia. The bank opened its new branch in Kazakhstan becoming the first Islamic bank to have full-fledged branch in the country.

Earlier, the Financial Markets Authority in the Central Asian Republic of Kazakhstan gave its nod to the bank for opening its branch in the resource rich country. The new bank, fully owned by Al Hilal Bank, would have capital of $36 million according to the information provided by the lender.

Headquarters of Kazakh branch would be in established in Almaty while a new branch would be opened in Astana, the capital city of Kazakhstan. It will roll out its operations from March 25 and proposes to open two more braches by the end of current year.

Ahmed Ateeq Al Mazrouei, the Chairman of Al Hilal Bank hoped that both parties would continue to support each other in future as well for achieving new heights of growth. He also thanked the government of Kazakhstan for grating the license under an agreement signed by the bank with it in June 2009.