3 March 2020
Al Rayan Investment L.L.C. (a wholly owned subsidiary of Masraf Al Rayan Q.P.S.C), is working on the requirements of authorizing a new bank with an expected paid-up capital of USD10m and an authorized capital of USD20m. 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 are in the process of signing a Memorandum of Understanding that establishes the framework for cooperation during the licensing process in the coming months.
Dr. Kairat Kelimbetov, Governor of the 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”.
Also, Mr. Adel Mustafawi, the Group Chief Executive Officer of Masraf Al Rayan Q.P.S.C. (the parent company of Al Rayan Investment) commented saying, “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.”
. The Astana International Financial Center (AIFC) was created on the initiative of the First President of the Republic of Kazakhstan, Elbasy Nursultan Nazarbayev. The constitutional law “On the AIFC” was signed on December 7, 2015. AIFC's goal is to form a leading center of financial services at the international level. AIFC objectives are to assist in attracting investment in the country's economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets. www.aifc.kz
Al Rayan Investment LLC
. Multi-award winning Al Rayan Investment LLC (ARI) is a leading Islamic investment house based in Doha and is authorized by the Qatar Financial Centre Regulatory Authority, licence no. 00045. ARI is wholly owned by “A1-rated” Masraf Al Rayan Q.P.S.C., the second largest Sharia-compliant bank in Qatar with more than $29 billion in assets. 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, while Assets Under Management are in excess of $1.1 billion and the products are focused on global sukuk and listed equities. ARI manages the world’s largest Shariah-compliant equity ETF. www.alrayaninvestment.com