Al Hilal plans to open two branches in Kazakhstan

By :  Reuters

Abu Dhabi’s government-owned Al Hilal Bank plans to open Kazakhstan’s first Islamic bank in December, starting with two branches, and wants to expand to other former Soviet Union states, its CEO said.

The lender is on track to break even by end 2009 and will be profitable in 2010, said Mohamed Berro.

Al Hilal will headquarter the new bank called Al Hilal Islamic Bank in Almaty, with an initial capital of about Dh100 million ($27m).