Kazakhstan-based Islamic lender Zaman-Bank explained that it failed to transfer 505.7 million tenge from accounts at US-sanctioned Russian banks in time due to a lack of time to open accounts at other institutions and complete required checks.
When new restrictions are introduced, a wind-down period is typically granted to complete previously initiated transactions, but it may not be long enough to transfer funds. As of the end of 2025, the bank created a 100% provision for the entire amount, leaving the net carrying value of these funds at zero in its reporting. Zaman-Bank’s claims on Russian counterparties grew to 2 billion tenge, up from 3.3 million tenge a year earlier.