Al Maali appointed as the Consultant to convert Zaman Bank JSC into a full-fledged Islamic Bank Al Maali Islamic Finance Consultancy, a leading Islamic finance consultant firm has signed an agreement with Zaman Bank JSC a regional bank in Kazakhstan to convert the bank from interest based bank to a full-fledged Islamic bank. Islamic Development Bank has plans to become one of the Zaman bank JSC’s major shareholder, and as part of this plan has already bought 5% stake in the Bank. Leveraging on its prior experience of high profile projects and their skilled consultants, Al Maali is all set to become a leader in Islamic finance consultancy industry. The conversion of Zaman Bank JSC is a very complex and sophisticated project which has to be in conformity with the tenets of the Islamic law as well as has to be approved by National Bank of Kazakhstan. Some of the important assignments to be done by Al Maali under this project are, establishing Sharia Governance Framework, restructuring of conventional loans and deposits to be Sharia compliant, developing new Islamic products, training banks staff to adapt and assimilate the new Islamic system, restructuring the IT system to function in liaison with Islamic banking principles, setup of Sharia Advisory Board for Zaman Bank JSC. Treatment of existing loans and deposits are the most challenging portion of the banks restructuring process. However Al Maali has undertaken and delivered successfully numerous projects, such as setting up new Islamic bank, converting conventional bank into Islamic bank, developing new products, Sharia advisory. Al Maali Islamic Finance consultancy is an international firm with offices in Dubai, Brussels and Casablanca and specializes in providing Islamic finance consulting and business consulting for Sharia compliant businesses. At the core of the competencies of Al Maali Islamic Financial Consultancy stands the Sharia discipline which enables Sharia embedded project approach, manage Sharia risks during all phases.
Posted on: Sun, 18 May 2014 07:15:03 +0000
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