(MENAFN- Gulf Times) Al Rayan Investment (a wholly owned subsidiary of Masraf Al Rayan) is working on the requirements of authorising a new bank with an expected paid-up capital of $10mn and an authorised capital of $20mn.
The new bank is intended to be the first full-fledged digital bank in AIFC that will focus on the development of Islamic banking products and investments facilitated by the application of cutting edge fintech products.
The AIFC and Al Rayan Investment (ARI) are in the process of signing a Memorandum of Understanding (MoU) that establishes the framework for co-operation during the licensing process in the coming months.
Dr Kairat Kelimbetov, governor, AIFC said, 'We welcome the decision of Al Rayan Investment to establish a fintech bank in AIFC. The presence of such a reputable and well-known financial institution in AIFC demonstrates the trust of the international business community in our financial centre.
'We believe Al Rayan Bank will significantly contribute to the development of the Islamic finance industry in Kazakhstan as well as the region and promote AIFC as the international Islamic finance hub.
Adel Mustafawi, Group chief executive officer, Masraf Al Rayan said, 'Al Rayan Investment has chosen Kazakhstan and particularly the AIFC, as the first market for international expansion for Al Rayan Investment. Kazakhstan represents a new hub for Islamic finance in Central Asia, which offers considerable potential; while AIFC represents the optimal platform for us as it is established on the same international best practice regulatory principles as our home domicile, the Qatar Financial Centre. This should expedite our ability to offer our world-class products and services in such a promising market.
ARI offers asset management and investment banking services. Investment banking services focus on corporate advisory, mergers and acquisitions and the issuance of public debt and equity.
MENAFN0203202000670000ID1099790127
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.