Halyk Bank JSC said it will convene an extraordinary general meeting on September 25 for shareholders to vote on an application for an Islamic banking license in Kazakhstan.
The proposal requires prior shareholder approval under local regulations before the bank can seek authorization from the country's financial regulator. Halyk Bank also plans to establish an independent Council of Islamic Financing Principles to oversee compliance with Sharia standards.
The proposed council would consist of three members with expertise in Islamic finance, none of whom are affiliated with the bank under Kazakh law. Aznan Hasan, Salim Al Ali and Aida Othman have been nominated for the roles, with one-year mandates subject to annual renewal.
The meeting will review amendments to Halyk Bank's articles of association to formalize the council's functions, define operational procedures for Islamic banking activities and mandate separate accounting for Islamic assets and liabilities. Ernst & Young LLP has been engaged to conduct annual audits and quarterly reviews of the bank's Islamic banking operations from 2026 through 2028.
Shareholders will vote via absentee ballot, with meeting materials distributed in advance. The agenda was approved by Halyk Bank's board of directors.
