Halyk Bank JSC said its board approved an extraordinary general meeting for September 25 to seek shareholder approval for an Islamic banking operations license, a move that would expand the bank's product range under Kazakh law.
The proposed Islamic banking license requires compliance with Sharia principles, which mandates the formation of an independent Islamic Financing Principles Council comprising three members serving one-year terms. The candidates proposed for the council are Aznan Hasan, a professor at International Islamic University of Malaysia and member of multiple Sharia councils; Salim Al Ali, an assistant professor at United Arab Emirates University; and Aida Othman, managing director at ZICO Shari'ah Advisory Services in Malaysia. All candidates are non-affiliated with Halyk Bank under Kazakh regulations.
Shareholders will also vote on charter amendments to formalize the council's functions and establish separate accounting frameworks for Islamic banking assets and liabilities. The proposed changes aim to ensure compliance and operational clarity if the license is granted.
In addition to the license vote, Halyk Bank will seek approval to appoint Ernst & Young LLP as auditor for the bank’s consolidated financial statements for the nine months ending September 30, with quarterly reviews and annual audits planned for 2026 through 2028.
The meeting will be conducted via absent voting, with materials distributed in advance to shareholders.
