About the Bank
Our Bank was founded on June 6, 1991 and is one of five the oldest banks in Kazakhstan.
Our main advantages are the Bank’s high liquidity, presence of permanent financially stable clients, business reputation, mounting confidence in the Bank, individual approach to the client’s requests, flexibility to external changes such as legislation, standards, technologies, etc.
“Islamic Bank “Zaman-Bank” JSC has a 27-year experience of banking activity and highly qualified personnel that provides with:
- promptness – ability to immediately respond to the client’s needs;
- individual approach to the client’s requests;
- consulting assistance of international organizations on Islamic financing;
- quick strategic decisions making.
One of the Bank’s shareholders is Islamic Corporation for the Development of the Private Sector (ICD), which is a multilateral organization and a member of Islamic Development Bank Group (IDB).
The Bank is a partner of “Shariyah Review Bureau”, a leading international company on providing consulting services on Sharia standards and principles.
“Islamic Bank “Zaman-Bank” JSC is the only bank in Kazakhstan aimed on working with SME and individuals.
Our team constantly works on implementing convenient and fare relation for people in Islamic banking.
The Bank's History
“Islamic Bank “Zaman-Bank” JSC was founded on June 6, 1991 in Almaty as a Private Bank “Zaman”. National State Bank of Kazakh SSR issued a license for opening a bank No. 11 dd. June 6, 1991.
In september, 1996 the Bank became a joint stock company and was renamed as Public Corporation “Zaman-Bank”.
In 1998 there was a change of shareholders in “Zaman-Bank” PC. New shareholders decided to relocate the Bank from Almaty to Ekibastuz in Pavlodar region.
In 2003 a branch of “Zaman-Bank” PC was opened in Almaty.
On August 27, 2004 pursuant to legislative requirements “Zaman-Bank” PC was reorganized into Joint Stock Company “Zaman-Bank”.
In 2013 the Bank initiated a procedure for conversion of “Zaman-Bank” JSC from conventional into Islamic bank.
At the end of 2013 a major international financial organization Islamic Corporation for the Development of the Private Sector (ICD) was attracted as a strategic partner.
In 2014 “Zaman-Bank” JSC in cooperation with Islamic financial consulting company “Al Maali” (UAE) and “ZICOlaw” lawyers company (Malaysia) developed a mechanism for converting “Zaman-Bank” JSC into fully legitimate Islamic bank.
“Zaman-Bank” JSC initiated introduction of amendments into the legislation enabling conventional banks to convert into Islamic bank. Those amendments came into force on January 1, 2016.
On July 13, 2016 the Bank received a Permit of the National Bank of the Republic of Kazakhstan for voluntary reorganization in the form of conversion into Islamic bank.
At the beginning of 2017 the Bank formed a Sharia Supervisory Board, members of which a representatives of “Shariyah Review Bureau”, leading international company on providing consulting services on Sharia standards and principles present in more than 12 countries around the world: USA, Europe, Africa, Asia, and Persian Gulf countries.
On August 17, 2017 “Zaman-Bank” JSC received a license for conducting banking and other operations of Islamic bank, and was renamed as “Islamic Bank “Zaman-Bank” JSC.
In 2017 the Bank became a rightful member of Malaysian commodity stock Bursa Malaysia, which opens new opportunities for developing Murabaha Islamic banking products.
In 2018 a representative office was opened in Astana International Financial Centre (AIFS) in Astana.
Licences
Financial statements
Annual report
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2017 Together with Independent Auditors’ Report *This financial statement was approved by the Annual General Meeting of Shareholders dated May, 29, 2018
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2016 Together with Independent Auditors’ Report *This financial statement was approved by the Annual General Meeting of Shareholders dated May, 25, 2017
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2015 Together with Independent Auditors’ Report *This financial statement was approved by the Annual General Meeting of Shareholders dated May, 24, 2016
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2014 Together with Independent Auditors’ Report *This financial statement was approved by the Annual General Meeting of Shareholders dated May, 21, 2015
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2013 Together with Independent Auditors’ Report *This financial statement was approved by the Annual General Meeting of Shareholders dated May, 16, 2014
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2012 Together with Independent Auditors’ Report *This financial statement was approved by the Annual General Meeting of Shareholders dated April, 12, 2013
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2011 Together with Independent Auditors’ Report *This financial statement was approved by the Annual General Meeting of Shareholders dated April, 06, 2012
- Joint Stock Company “Zaman-Bank” Financial Statements Year ended 31 December 2010 *This financial statement was approved by the Annual General Meeting of Shareholders dated April, 15, 2011
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Tariffs
“Islamic Bank “Zaman-Bank” JSC conducts full cash and settlement services and offers a wide range of banking services to its clients.
Tariffs determine a list of banking operations and services provided to the clients of “Islamic Bank “Zaman-Bank” JSC, specifying the amount of charges and fees.
These tariffs may be amended by the Bank’s authorized body.
The list of services provided fully complies with the requirements of banking legislation of the Republic of Kazakhstan.