Islamic windows in Kazakhstan

As Islamic finance continues gaining momentum across Uzbekistan, banks are actively evaluating how to participate in this emerging market opportunity. With regulatory discussions progressing, and growing market interest from both institutions and customers, the conversation is shifting from awareness toward practical implementation and long-term scalability.

For many banks, one of the first strategic decisions is determining the right operating model: should they begin with an Islamic window integrated within the conventional banking structure, or move toward establishing a full-fledged Islamic bank?

This digital think tank brings together senior banking leaders in Uzbekistan, alongside Azentio Subject Matter Expert Khaled Berjawi, SVP Product Management - Islamic Banking, to discuss practical approaches for defining, launching, and scaling Islamic finance operations while building sustainable and future-ready operating models.

Overview

Kazakhstan’s evolving regulatory framework is creating a clearer path for conventional banks to offer Shari’ah-compliant financial services through Islamic windows, without establishing separate legal entities.

This has moved the conversation from awareness to practical implementation. As the market opportunity continues to evolve, conventional banks entering the space must evaluate their readiness: do they have the foundations in place to balance governance, Shari’ah compliance, scalability, and the commercial sustainability required to operationalize Islamic windows efficiently.

Beyond the model itself, banks also face important implementation questions around product prioritization, profit calculation and distribution, integration with existing core banking systems, operational segregation, and digital customer experience.