Kazakhstan's Al Hilal Bank to rebrand, refocus on corporate segment

ALMATY. July 24 (Interfax) - The first Islamic bank in Kazakhstan, Al Hilal, will rebrand, parent bank Abu Dhabi Commercial Bank (ADCB) said in a press release.

ADCB plans "strategic expansion in high-growth Central Asian economies, by establishing a hub in Kazakhstan for its sophisticated Shari'ah compliant corporate banking services".

"The ADCB Group's subsidiary in Kazakhstan, which is currently known as 'Al Hilal Islamic Bank JSC', will be rebranded to offer corporate financial products and services under ADCB's Islamic Banking arm," the press release says.

Concurrently, ADCB will be gradually phasing out its retail banking activities in Kazakhstan, currently provided by Al Hilal Islamic Bank JSC, while providing support to its retail banking customers in transitioning into alternative banking options, according to the press release.

From its hub in Kazakhstan, ADCB will provide clients with an increasing range of Shari'ah-compliant corporate banking services, including various financing structures and cash management solutions.

Kazakhstan-based Al Hilal Bank blocked all its issued payment cards from July 1, according to information published on the bank's website.

Islamic Bank Al Hilal JSC is the first Islamic bank in Kazakhstan and the CIS, established in 2010 by agreement between the governments of Kazakhstan and the United Arab Emirates.

As at June 1, 2024, Islamic Bank Al Hilal JSC ranked 20th by assets among the 21 second-tier banks operating in Kazakhstan, according to the National Bank of Kazakhstan.