Halyk Bank JSC said it will hold an extraordinary general meeting of shareholders on September 25 to vote on obtaining a license to conduct Islamic banking operations, as part of efforts to expand its product offering in Kazakhstan.
The bank’s board of directors approved the meeting agenda on Thursday, with voting to be conducted by absentia. Shareholders will receive materials in advance of the meeting, according to the bank’s announcement.
Kazakh law requires Islamic banking activities to be overseen by an independent council that verifies compliance with Sharia principles. Halyk Bank proposed a three-member council with one-year terms, nominating Aznan Hasan, Salim Al Ali and Aida Othman. Hasan is a professor at the International Islamic University of Malaysia and serves on multiple Sharia advisory boards, while Al Ali is an assistant professor at the United Arab Emirates University. Othman is the managing director of ZICO Shari'ah Advisory Services in Malaysia.
The meeting agenda also includes proposed amendments to the bank’s charter to formalize the council’s functions, outline procedures for Islamic banking operations and mandate separate accounting for Islamic banking assets and liabilities.
Shareholders will separately vote on the appointment of Ernst & Young LLP as auditor. The firm is proposed to review the bank’s consolidated financial statements for the nine months ending September 30 and conduct quarterly reviews and annual audits for the years 2026 through 2028.
