JSC "Bank TuranAlem" and Emirates Bank Group agree on mutual cooperation08.05.2007 / Press-service
In intention to tie up for the development of Islamic financing, JSC Bank TuranAlem and Emirates Bank Group have signed a Memorandum on Mutual Cooperation.
Having assessed the interest of Central Asian private businesses in application of Islamic financing models as well as increased focus of Islamic financial institutions on the region, the parties have determined common trends of bilateral partnership in the Memorandum.
The partnership includes namely promotion of Islamic banking and financial products in the Kazakhstan and CIS markets.
Should the cooperation will be a success, the parties will consider the possibility of opening a joint financial institution specializing on Islamic banking in the region.
This Memorandum was signed between JSC Bank TuranAlem and Emirates Bank Group on the eve of the international conference "Islamic Banking and Finance in Kazakhstan" held on May 7-8, in Almaty.
"Bank TuranAlem was always notable for its use of advanced high-tech innovations and the best international practices. Taking into account the growth of Islamic banking popularity in the world, not only in Islamic countries, we could hardly ignore such sphere. Having started studying potential interest in this sector inside the republic and from Islamic institutions, we have practically at the first onset found a reliable partner - Emirates Bank Group. I believe that this project will be of great demand not only in Kazakhstan but in the neighbored countries too," –stated the Chairman of the Board of JSC Bank TuranAlem Roman Solodchenko.
General Manager of Emirates Islamic Bank (division of Emirates Bank Group) Abdolla Shoviter, in its turn, underlined that "Emirates Bank Group regards the CIS countries and especially Kazakhstan as a rather promising and prospective region which may play a significant role in the strategy related to extension of our Group business. We are pleased that our partner in studying the potential of Islamic Banking is one of the leading banks of Kazakhstan - Bank TuranAlem. We are sure that this partnership will be mutually beneficial and expect positive outcome from our project."