OREANDA-NEWS. July 21, 2010. A second Islamic bank will be shortly opened in Kazakhstan: respective agreements were signed among AmanahRaya Financial Group of Malaysia, Development Bank of Kazakhstan and FATTAH FINANCE in Astana.

“We need to put together a new joint action plan for the years to come and launch some concrete projects. We have already launched projects in energy, tourism, industrial production and Islamic banking. The latter is of paramount importance given the forthcoming chairmanship in the Organization of the Islamic Conference (OIC) and hosting the VII World Islamic Economic Forum”, said Vice Prime Minister Aset Issekeshev.

Aset Issekeshev believes the would-be bank will foster cooperation between Kazakhstan and Malaysia. The bank will be based in Almaty and will be focused on S&MBs.

The first Islamic Bank Al Hilal has been working in Astana and Almaty since March 25. It was established by a respective agreement between Kazakhstan and the United Arab Emirates. Al Hilal was launched by Abu Dhabi's government-owned Al-Hilal Bank.