In the view of Khojanazarov Aidarbek, the head of a new Islamic finance project at Kazakhstan’s Bank TuranAlem, the government of Kazakhstan is now “very committed to Islamic banking. I have been told by the president’s party that they will support it as much as they can.”
For Bank TuranAlem’s sake, the president’s party had better keep to their word. The Kazakh cabinet, possibly the president, and then (they hope) the parliament, will soon be presented with regulatory and tax proposals from lawyers hired by Bank TuranAlem, and their new joint venture partner, Emirates Islamic Bank, a Dubai financial institution.
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