ASTANA, Kazakhstan, July 17. Deputy Prime Minister and Minister of National Economy Serik Zhumangarin discussed with the leadership of the Islamic bank ADCB (Abu Dhabi Commercial Bank) the expansion of investments in Kazakhstan's economy, Trend reports.
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin held a meeting with the Chairman of the Board of JSC "Islamic Bank ADCB," Gordon Haskins.
Over 15 years of operation, the bank has financed projects in the country totaling more than $3 billion. Among the largest projects are the construction of a polyethylene production plant in the Atyrau region with a capacity of 1.25 million tons per year (the Silleno project), hydrogen and nitrogen production facilities at Atyrau Oil Refinery and Pavlodar Petrochemical Plant, projects in the construction and modernization of railway infrastructure, and others.
“As part of its work with the 'Damu' fund, the bank allocated 25 billion tenge (approximately $47.5 million) to support entrepreneurs in priority sectors of the economy. According to the Chairman of the Fund's Board, Farhat Sarseekov, business interest in Islamic financing instruments remains high. During the meeting, participants discussed prospects for further cooperation, including issues of interaction between Islamic banking and Kazakhstan's tax legislation,” the statement says.
Bank representatives announced plans to increase financing volumes for Kazakh projects.
Serik Zhumangarin suggested considering the agro-industrial complex, especially livestock farming, as one of the most promising investment directions. Kazakhstan steadily increases meat exports to Middle Eastern countries, where there is strong demand for premium-quality products.
Islamic Bank ADCB (formerly Al Hilal Bank) became the first Islamic bank to open in Kazakhstan and the CIS countries. It was founded in 2010 under an intergovernmental agreement between the Republic of Kazakhstan and the United Arab Emirates. It was rebranded in November 2024 after becoming a wholly-owned subsidiary of PJSC Abu Dhabi Commercial Bank (ADCB) - one of the largest banks.
