Zaman Bank in Kazakhstan: Islamic digital bank

## About the bank

Zaman Bank calls itself the first Islamic digital bank in Kazakhstan. Licence No. 1.3.51 was issued on 3 February 2020, and according to the finratings.kz catalogue the bank was founded in 2017. In 2026 the ARDFM checked new minority shareholders, and in July 2026, according to media reports, the chair of the management board G. Asayeva left.

The main shareholder is Alan Abguzhinov, with about 75% per the 2025 report. Shareholders also include the Islamic Corporation for the Development of the Private Sector (ICD) of the Islamic Development Bank Group.

The bank is small: about 44 billion KZT, 20th and last place in the finratings.kz catalogue on 16 October 2026 (other sources give 45-49 billion KZT). Claims on other sites that it is among the five largest banks are incorrect.

## Account for non-residents

As far as is known, the bank does not offer accounts to non-residents: financing on the website is intended for Kazakh citizens, and no terms for foreigners are published. For Russian citizens the route into this bank is practically closed, so we do not list documents. If you need a non-resident account, look at ranked banks with a clear procedure, such as Freedom Bank Kazakhstan, Kaspi Bank or Bank CenterCredit.

## Cards and payments

The main product is the first Islamic digital Zaman card in tenge, issued in a few minutes, and transfers to any Kazakh bank are free. The card's payment system is not named. The bank does not issue Mir cards and does not support the Faster Payments System (SBP). The app is available in the App Store and Google Play, and the website in Kazakh, Russian and English.

## Fees and limits

The bank does not publish fees for non-residents. The main limits:

• the bank is aimed at Kazakh citizens;
• it is the smallest in the finratings.kz catalogue;
• according to the 2025 report, 505.7 million KZT is blocked on correspondent accounts in Russian banks because of US sanctions, with a 100% provision. Total claims on Russian counterparties at the end of 2025 were 2.013 billion KZT, and the auditor named this risk a key audit matter.

## Islamic banking

The bank offers interest-free financing built on Islamic finance principles. For the client this means that instead of interest the bank charges under a different scheme described in the contract. For a foreigner who needs an ordinary bank account with a card and transfers, this model is usually not needed.

## Who it suits

Zaman Bank suits Kazakh citizens who value Islamic financing principles: interest-free products and a digital format. Non-residents and Russian citizens should choose other banks.