Al Hilal Bank opens its first client service branch in Almaty, Kazakhstan
span style="font-size: small;">Earlier this August, Al Hilal Bank opened its first client service branch at Esentai Tower in Almaty, the largest metropolis in Kazakhstan.
Following seven successful years of business in Kazakhstan with corporate clients, the bank decided to enter the retail segment of the market to make Islamic financial products available to individuals. The new retail office provides a full range of Shari'ah compliant banking services for corporate and private customers.
“This opening marks a new phase in our vision of global Islamic banking; one that will bring prosperity and better serve the needs of our customers within our shared interests. I am pleased to see that our staff is growing and that we are reaching more people with our offerings. On behalf of our team in the UAE, we would like to extend our full support to make this expansion as seamless and as far-reaching as possible,” said Alex Coelho, CEO of Al Hilal Bank.
Modern and comfortable, the Kazakhstan office is aimed at providing an international level customer service, and the bank customers can use deposit products, debit cards, and cash management services. It is worth noting that the investment deposits provided by the bank are a new and unique product for the market of Kazakhstan. Focusing on the needs of customers, the bank plans on launching a programme to finance individuals in the near future.
"In an effort to promote further development of Islamic finance in Kazakhstan and make it available to individuals, we have launched retail products and opened our first branch in Almaty. The Islamic finance sector remains the fastest growing in the global financial system, increasing by 15 to 20 per cent per year. In Kazakhstan, Islamic finance has a great potential for development. As the flagship of Islamic banking in Kazakhstan, we aim to bring benefits and establish benchmarking of Islamic financial instruments in the region," said Gordon Haskins, CEO of t Al Hilal Bank Kazakhstan.
Al Hilal, the first Islamic bank in Kazakhstan and the CIS region, was established under the agreement of UAE and Kazakhstan Governments in 2010. It is a subsidiary bank of Al Hilal Bank PJSC, one of the fastest growing and progressive Islamic banks in the UAE with 100 per cent Government ownership. Al Hilal Bank PJSC has an investment grade credit rating of A + from Fitch Ratings and A1 from Moody's.