Designing new Islamic banking experiences

With the assignment of Shariyah Review Bureau, Zaman bank seeks to deliver a new set of Sharia compliant financial experiences to retail customers in the Republic of Kazakhstan.

The one and only regional banking institution in Kazakhstan – Zaman Bank, renowned for its commitment to pioneering new banking experiences for its customers today announced the engagement of Shariyah Review Bureau (SRB) as it seeks to grow across CIS states.

Zaman Bank will facilitate Sharia compliant auto and home financing, SME finance, credit programs, deposits and refinancing of conventional loans to Islamic for its customers. The new established Islamic Finance Development unit based out of Almaty will leverage the strength of SRB’s global experience and help support enterprises with their complex business requirements. With a strong potential of delivering outstanding value added services, Zaman Bank demonstrates a sound awareness of customer priority.

“With the opening of Islamic operations in the Republic of Kazakhstan we are seeing superior dispersion in the performance of financial services. This makes the current environment well suited for more quality banking products and services” said Mrs. Yelena A. Gupalo, Chief Executive Officer of Zaman Bank. She further commented “We are committed to bringing high value for the retail customers, offering contemporary Islamic banking to the Kazakhstani market.”

The services will be managed by Zaman Bank’s Deputy Chairman team, led by Mr. Diar N. Smagulov, who has Islamic and conventional experience, global network and local capabilities. “We have received positive feedback from both the retail and corporate marketplace regarding Islamic financial products.” Speaking on the assignment of SRB, Diar said, “The constant growth of new financial trends is continuously changing the way the Islamic industry is functioning. And in today’s rapidly-changing markets, outsourcing Sharia Committee, Certification and Sharia Audit services to establishments like SRB is an essential solution for businesses. We are proud to have partnered with them as they will manage the complete Sharia Compliance requirements thereby allowing us to remain focus on the increasing complexity of Islamic banking while achieving best service and growth for our customers.”

“This is another key milestone for SRB in Kazakhstan” stated Yasser S. Dahlawi, Founder and CEO of SRB. “The need for better, faster, reliable, lower costs and more collaborative Sharia Advisory services will continue to drive the context of Sharia Compliance within businesses, and hence outsourcing will need to ensure that it can continue to meet the growing demand.” “We are proud to be working with a dynamic banking establishment like Zaman Bank and believe that our services will be resource-intensive allowing them to break out for new growth.” Yasser adds.

Writing from Bahrain office, Mansoor M. Ahmed, overseeing the Quality Assurance at SRB, writes, “We are pleased to be working with Zaman Bank to create superior Sharia compliant products, which puts the customer first, and makes their financial lives better.” “Offering innovative expertise in Sharia Board and structuring solution has helped us bring global institutes closer to Islamic Finance.” He also writes “We’re equally excited to serve the customers of the Republic of Kazakhstan in a Sharia compliant manner.”