Abu Dhabi’s Al Hilal Opens First Islamic Bank in Kazakhstan

March 20 (Bloomberg) -- Al Hilal Bank, the lender owned by the state-controlled Abu Dhabi Investment Council, opened a branch in Kazakhstan, making it the first Islamic bank in the Central Asian nation.

The Kazakh branch, called Al-Hilal Islamic Bank, has capital of $36 million, the lender said in an e-mailed statement today. Al Hilal Bank committed in November to buy a $2.5 billion Islamic bond from the Dubai Financial Support fund, which aims to help Dubai’s state-owned companies amid the credit crisis.

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Alfalah Consulting - KL: www.alfalahconsulting.com 
Islamic finance consultant: www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com