On September 25, 2026, shareholders of Halyk Bank (Kazakhstan) approved a decision to obtain a license for Islamic banking operations. To prepare for the launch of new products, the bank amended its charter and created a specialized council.
The bank formed a council on Islamic finance principles to certify future deposits, loans, and investment products. The first council’s term is one year.
The council includes three international specialists. As Kursiv reports, they are Aznan Hasan, an associate professor at the Institute of Islamic Banking and Finance at the International Islamic University Malaysia; Salim Al Ali, a lecturer at academic institutions in the UK and UAE; and Aida Othman, a Malaysian expert in Islamic banking law.
Developing this new direction became possible after Kazakh banks received the legal right on January 16, 2026, to open “Islamic windows”—specialized units providing Sharia-compliant services within traditional financial institutions.
Until now, Halyk Bank actively developed classic retail and payment instruments. Finteqstan previously reported that the bank started awarding bonuses for QR payments through other banks' terminals, intensifying competition in daily transactions.
Halyk Bank’s shareholder decision moves the January legislative amendments on “Islamic windows” into practice. Currently, the specialized Islamic bank Al Hilal operates in this market. In parallel, the state-owned Otbasy Bank is preparing to launch Islamic mortgages: amendments allowing such a product will take effect on October 21, though the bank has not yet received the license itself.
