Kazakh banks set to add new pane with Islamic windows

This is evidenced by the fact that the Mazhilis, the lower chamber of parliament, has approved the draft Law on Banks and Banking Activities in its first reading.

At present, Islamic banking in Kazakhstan can only be carried out through the establishment of a separate Islamic bank. The introduction of Islamic windows is expected to expand financial inclusion, diversify available services, and promote fair competition in the sector, while ensuring compliance with Sharia principles.

In addition, the draft law introduces two types of banking licenses, basic and universal, aimed at enhancing competition and simplifying access to the financial market. The basic license will differ from the universal one in the scope of permitted operations, such as issuing loans and accepting deposits.