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Al Rayan Investment Company
Intends to License Integrated Digital Bank in Astana International
Financial Center
02 March 2020
Al Rayan Bank announced that ‘Al Rayan
Investment Company’ (wholly owned by Al Rayan Bank) is working to meet
the requirements for an integrated digital bank license in the Astana
International Financial Center. The paid-up capital of the bank is
expected to be USD 10.0 million with an authorized capital of USD 20.0
million. This will startup to fulfill the requirements for obtaining the
license from the Astana Financial Services Authority to provide
financial services under the authority of the Astana International
Financial Center. Al Rayan Investment further anticipates that the new
bank be the first integrated digital bank in the Astana International
Financial Center, which will focus on providing developed banking
products and Islamic investments through advanced technology products.
The Astana International Financial Center and Al Rayan Investments will
sign a Memorandum of Understanding that sets out the framework for
cooperation during the licensing process in the coming months.
Dr. Klimptov, Governor of the International
Financial Center Astana commented: "We welcome the decision of Al Rayan
Investment Company to establish an integrated digital bank in the
International Financial Center of Astana. The presence of such a
reputable and well-known financial institution in the International
Financial Center Astana demonstrates the confidence of the international
business community in our financial center. We believe that Rayan Bank
Limited will contribute significantly to the development of the Islamic
finance in Kazakhstan as well as the region and the strengthening of the
Astana International Financial Center as an international center for
Islamic finance".
On his part, Mr. Adel Mostafawi, CEO of Al
Rayan Bank Group QSC. (The parent company of Al Rayan Investment
Company), said “Al Rayyan
Investment chose Kazakhstan and Astana International Financial Center in
particular, to be the first market for the international expansion of Al
Rayan Investment. Kazakhstan represents a new promising center for
Islamic finance in Central Asia, which provides a great investment
opportunities; while it represents the Astana International Financial
Center is the ideal platform for our bank as it was established in
accordance with the organizational principles of international best
practices as is the case in the Qatar Financial Center. This would
accelerate our ability to provide our world-class products and services
in this promising market”.