EXPERT OPINION businessman making business trips around Kazakhstan and staying in special 5-star hotels . He goes to fitness centers and works out with a personal trainer . He is ready to consume even more goods and services that meet his religious principles . In light of this , Islamic banks start playing a more important role in his lifestyle . In August 2017 , the first Islamic bank of Kazakhstan , Al Hilal , started offering retail banking with special categories . For instance , the Hajj card was designed specifically for Muslims making Hajj or Umra pilgrimage , providing for usage safety and convenience . One of the main advantages this card presents is the possibility to withdraw cash with no commission at ATMs of any Saudi Arabian banks .
The banking products and services offered by Islamic banks for people adhering to the Islamic principles provide for equal access to all opportunities of the global economy without violating their religious principles . The experienced business of Malaysia and Turkey , for example , demonstrates the correlation between the growing industry of Islamic products and services and the development of Islamic banking in the country . Al Hilal ' s activities prove , among other things , the demand for Islamic banking products and services since the launch of its retail banking initiative . For example , the deposit portfolio attracted in Al Hilal Bank and represented by Wakala and Mudaraba banking products showed stable growth and comprised nearly $ 45 mln US dollars within eight months of its launch , which outstripped the most upbeat forecasts .
The unique status of Al Hilal Islamic Bank in Kazakhstan makes it possible to anticipate the further increase in customers both those who are seeking a bank that adheres to strict ethical standards as well as customers striving for high-scale reliability and security reinforced by ratings from international credit rating agencies Fitch and Moody ' s .
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