ICD projects
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Zaman Bank
KAZAKHSTAN
1434 / 2012
- Mode Of Finance: Equity
- ICD contribution: 10,000,000
Zaman Bank was established in 1991 with headquarters located in Ekibastuz. At present, the capital of the bank stands at USD 60 million with total assets base of USD 120 million. The bank has been able to show years of good profitability track record, even during the global financial crisis. The Islamic Corporation for the Development of the Private Sector (ICD) will enter Islamic banking sector of the Republic of Kazakhstan with an expected investment of up to 35% of the subscribed and paid up capital of the bank. Accordingly, it will become second Islamic bank in the country. Currently the ICD will only invest up to 5% of the capital.