Kazakhstan’s largest bank is changing its approach to retaining retail clients. The recent announcement of an Islamic finance launch complements summer plans to integrate digital assets. Halyk Bank is trying to move beyond classic transactional services and compete in the multi-profile ecosystem segment.
These changes point to the bank’s attempt to build a digital environment capable of covering specific user financial needs within a single interface, without losing liquidity to third-party services.
Islamic window: legalizing ethical finance
The next practical step in the new strategy is the bank’s entry into the Islamic finance market. According to industry channels, Halyk Bank shareholders will consider obtaining an additional license on September 25.
This document is required to officially open an “Islamic window”—a special division whose operations and lending are isolated from classic interest income, which is prohibited by Sharia law. To ensure new products comply with Islamic principles, the bank plans to create an independent council featuring managers from Malaysia and the UAE.
This is a notable shift for the Kazakh market. Previously, the Islamic finance segment was served mostly by niche players like Al Hilal or Zaman Bank. The entry of the bank with the largest retail base signals an attempt to monetize the growing public demand for ethical financial instruments and retain a conservative audience.
Crypto assets in the core interface
The Islamic window is part of a broader technological transformation. In June, Halyk Bank Deputy Chairman Kirill Bachvarov announced plans to integrate cryptocurrencies into everyday banking.
The bank is developing a crypto card for retail clients. The stated goal is to let users legally trade digital assets and store them directly in the mobile app, without needing complex withdrawal schemes.
For Halyk Bank, this is a way to keep liquidity within its perimeter. The bank can generate commission income from operations that previously took place on external P2P platforms and carried blocking risks under local AML procedures. This move requires integration with the Astana International Financial Centre (AIFC) infrastructure, where cryptocurrency circulation is legalized. At the same time, the bank’s management announced plans to introduce an AI assistant that will shift from internal scoring processes to direct client consultations.
Competition for the superapp
The Central Asian market has formed a strong habit for multifunctional platforms. Halyk Bank, despite holding the largest assets, constantly has to answer challenges in the retail digital segment from Kaspi.kz, which dominates daily transactions.
Finteqstan previously reported that Kaspi.kz launched maternity benefit processing through its app, continuing to blur the line between government and financial services. Halyk Bank responds by expanding into niches where it has the resource base to create a unique offer—complex integration with AIFC crypto exchanges or launching a separate Islamic banking unit.
A similar model of aggressive ecosystem expansion is developing in neighboring countries. In Uzbekistan, the fintech company Uzum, which is now preparing cross-border sales in Central Asia, is also building a business around daily user tasks, linking e-commerce, logistics, and fintech.
Why it matters
The announced launches show that basic banking services are no longer enough to maintain market leadership.
Kazakh banks are forced to move beyond traditional lending and legitimize niche tools like cryptocurrencies and Islamic finance to keep retail clients inside their ecosystems and prevent liquidity from leaking to external platforms.
