
Zamanbank is a pioneer in Islamic banking in Kazakhstan.
The bank offers a range of Shariah-compliant products and services that cater to the needs of Muslim customers.
One of the key features of Zamanbank's Islamic banking services is the use of Mudarabah, a profit-sharing system that aligns with Islamic principles.
This system allows customers to earn a share of the bank's profits, making it a more equitable and transparent way of doing business.
Zamanbank's Islamic banking services have been well-received by customers, with many praising the bank's commitment to Shariah-compliant practices.
History
Zamanbank has a rich history, dating back to 1991 when it was founded in Kazakhstan.
The bank has been around for a long time, making it one of the oldest banks in the country.
It's impressive that the bank has been able to maintain its operational efficiency and provide personalized service to its clients over the years.
In 2004, the bank underwent a significant change, transforming from an OAO to an AО.

This transformation allowed the bank to adapt to changing market conditions and continue to grow.
However, the bank's plans to convert to an Islamic bank in 2013 were put on hold due to a lack of regulatory framework.
It wasn't until 2016 that the bank initiated changes to the Kazakhstani legislation to facilitate its conversion.
The bank finally received the necessary license in 2017 and was rebranded as AО "Исламский Банк «Заман-Банк».
This marked a significant milestone for the bank, making it the second Islamic bank in Kazakhstan after Al-Hilal.
Today, Zamanbank continues to evolve and expand its services, with a focus on Islamic banking.
Business
At Zamanbank, business is conducted with a focus on Islamic financing principles. The bank offers services to private clients and businesses, including investment deposits and leasing programs.
The bank's investment deposit, Mudarabah, allows clients to multiply their savings, while the Wakala agreement enables the bank to invest in business projects that comply with sharia law on behalf of clients. Clients can also store money in current accounts, known as Card, or opt for cash transfers through the Contact system without opening a bank account.
The bank's leasing programs, Ijara, are designed to provide clients with access to business opportunities while adhering to Islamic financing principles.
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Zaman Bank has experienced significant growth over the past three months, with its assets nearly doubling to $135 million as of October 1, 2024.
The bank's liabilities also increased, from $44 million to $107 million, while its equity rose to $27 million. This growth is reflected in the bank's net profit, which grew by 29% from the previous quarter, amounting to $2.2 million.
Zaman Bank's return on equity (ROE) improved from 6.54% to 8.31%, signaling better capital efficiency. However, the bank's return on assets (ROA) declined from 2.47% to 1.68%, likely due to the impact of its expanded balance sheet.
The Abguzhinov family, major shareholders of Zaman Bank, have been at the center of public interest due to past disputes and controversies.
Основная Сфера Деятельности
Zaman-Bank offers a range of services to private clients and businesses. These services include investment deposits, agent agreements, current accounts, leasing programs, and money transfers.
Investment deposits, such as Mudarabah, allow clients to multiply their savings. Agent agreements, like Wakala, enable the bank to invest in business projects that comply with Islamic principles on behalf of the client.

Current accounts, known as Card, allow clients to store money in their bank accounts. Leasing programs, or Ijara, are also available. Money transfers can be made through the Contact system without opening a bank account.
The bank's focus on Islamic financing principles means it avoids supporting activities related to alcohol, narcotics, tobacco, gambling, and prohibited entertainment. This approach also excludes traditional credit programs, where interest is charged.
Instead, the bank generates profit from investing clients' money and shares a portion of it with clients. Clients receive a share of the profit, up to 80% depending on the investment term, but no interest on their deposits. All deal conditions are transparent and remain unchanged throughout the investment period.
Zaman-Bank Becomes Kazakhstan's Second Islamic Bank
Zaman-Bank, established in 1991, became the second Islamic bank in Kazakhstan after receiving a license from the National Bank of Kazakhstan. The bank converted to an Islamic bank in 2017, after being delayed due to a lack of regulations.
The bank now offers a range of deposit options, including wakala and mudaraba, which allow customers to invest in business projects that comply with Islamic principles.
Zaman-Bank plans to focus on retail banking and small and medium enterprises (SMEs), which are crucial for Kazakhstan's emerging economy.
The bank's services include investment deposits, agent agreements, current accounts, leasing programs, and money transfers through the Contact system.
Zaman-Bank's Islamic banking services are based on principles that prohibit support for activities related to alcohol, narcotics, tobacco, and other prohibited activities.
Here are the key services offered by Zaman-Bank:
- Investment deposit Mudaraba for multiplying customers' savings
- Agent agreement Wakala, where the bank invests in business projects on behalf of customers
- Current accounts Card for storing money on bank accounts
- Leasing programs Ijara
- Money transfers through the Contact system without opening a bank account
The bank earns profit from investing customer deposits and shares a portion of the profit with customers, up to 80% depending on the term.
Contact Information
The contact information for Zamanbank is readily available, making it easy to get in touch with them.
You can reach out to the bank's call center for assistance with any issues or questions you may have. There are three phone numbers to choose from, depending on your location: +7 (7172) 26-20-26 for Nur-Sultan, +7 (727) 355-65-75 for Almaty, and +7 (7187) 28-00-00 for Ekibastuz.

The official website for Zamanbank is zamanbank.kz, where you can find more information about the bank's services and products.
Here are the key contact details for Zamanbank:
You can also reach out to Zamanbank via email at [email protected] or visit their head office in Nur-Sultan at D.Kuunaeva, 14/3.
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