According to kapital.kz, Otbasy Bank has amended its charter to expand into Islamic banking. The bank’s shareholder, Baiterek National Managing Holding, approved the decision to provide Islamic banking services.
The bank plans to open Islamic current accounts, accept interest-free deposits, provide interest-free loans, and act as an agent in Islamic banking transactions. Law of the Republic of Kazakhstan No. 352-VIII, which permits Otbasy Bank to conduct such operations, will come into force on October 21, 2026. Once it receives the relevant license, the bank will begin a phased rollout of its Islamic window: Islamic current accounts and interest-free deposits in the first phase, followed by Islamic housing finance in the second.
The products are being developed in line with international AAOIFI standards and will be available to all bank customers regardless of religious affiliation. According to a 2024 study by the AIFC and CSQ Law, around 763,000 Kazakhstanis do not use bank deposits due to religious beliefs, and the market potential for Islamic mortgages is estimated at 1.6 trillion tenge.