TajBank commenced its operations in 2019. It is an Islamic bank that operates according to Sharia principles. The bank's website states that it aims for further expansion into international markets.
A distinctive feature of Islamic banks is that they do not provide loans with interest. Instead, they employ alternative financial models such as profit-sharing, leasing, or trade financing.
Previously, the head of Otbasy Bank, Liazzat Ibragimova, mentioned that Islamic mortgage services would launch in Kazakhstan by 2025. The government is preparing the regulatory framework for this.
Currently, there are two Islamic banks operating in Kazakhstan: ADCB (formerly Al Hilal) and Zaman Bank. In June 2024, the Agency for Regulation and Development of the Financial Market stated that they plan to allow Kazakh banks to open "Islamic windows" in their branches, while Islamic financial organizations will be able to convert to conventional banks.
The Astana International Financial Centre (AIFC) is a financial hub in Kazakhstan that attracts international companies, banks, and financial institutions. AIFC operates under a distinct legal framework based on English common law principles, providing favorable conditions for business.
In addition to this agreement, the Ministry of Industry of Kazakhstan also proposed collaboration with Nigeria in three areas: the exploration of rare and rare earth metals in Nigeria, the supply of Kazakh fertilizers to the Nigerian market, and cooperation in the defense industry.
Nigeria has also expressed interest in exploring the supply of Kazakh oil for processing at Nigerian refineries. Additionally, the countries discussed potential cooperation in the gas sector, including natural gas supply issues, gas processing technologies, and the possible involvement of Kazakh companies in developing Nigeria's gas infrastructure.
Moreover, a memorandum was signed between Kazakhstan Gharysh Sapary and Suburban Broadband Limited, which outlines collaboration in the field of space activities.