Al Hilal plans to open two branches in Kazakhstan

Abu Dhabi-'s government-owned Al Hilal Bank has decided to establish two branches in Kazakhstan.

The sources informed that apart from its expansion plans in Kazakhstan, the banking group will also expand its three branches in Dubai and Abu Dhabi in October 2009.

The sources further informed that the new bank called Al Hilal Islamic Bank will be headquarter in Almaty, with an initial capital of about Dh100 million ($27million).

The bank is having five per cent market share in deposits, loans and assets in the UAE's Islamic banking sector.