Al Hilal Bank plans to start retail business financing in Kazakhstan

ASTANA. March 10. KAZINFORM /Serik Sabekov/ To date the principal borrower of Al Hilal Bank in Kazakhstan is corporate clients. Financial director, member of the board of the Bank Aidyn Tairov has made it public at the seminar on Islamic financing development held in the Majilis of the Kazakh Parliament today.

According to him, Al Hilal provides loans at 9-10% annual interest rate. The financed projects are mostly realized in the construction sphere.

"We plan to start financing the retail business in two years. However, today we face problems connected with taxation and registration of Islamic banking products," he said.

As A.Tairov noted, the Kazakh legislation does not allow using instruments of Islamic financial yet.