Islamic operations in an existing bank
Kazakhstan and Uzbekistan both allow Islamic operations in existing banks. A separate bank is not required; the relevant licence is.
Murabaha, segregated accounting and Sharia compliance for an Islamic window. Technical plan: 90 days; licensing, processes and the bank’s approvals are planned separately during Discovery.
Islamic windows are now open in both countries
Kazakhstan. Since March 2026, a universal bank can open an Islamic window without setting up a separate bank, while Islamic banks hold less than half a percent of sector assets: the market is untapped, and the entry barrier is now a matter of product rather than licensing. Uzbekistan. The law took effect in late June 2026, the Central Bank’s regulations are ready, more than ten banks are preparing for a licence, and two thirds of the population avoid banks for religious reasons.
An Islamic window in an existing bank: the technical part planned for 90 days
A Ready Bank module for murabaha deals: the bank buys the asset and sells it to the client with a markup in instalments. Contracts, accounting and servicing are linked to the existing core banking system.
Kazakhstan and Uzbekistan both allow Islamic operations in existing banks. A separate bank is not required; the relevant licence is.
The technical part is planned for 90 days: murabaha, accounting and channels. The overall timeline also depends on the bank’s processes, the Shariah board and licensing.
The markup is fixed in the contract, funds are accounted for separately, and products are approved by the board. Late payments and charitable contributions follow agreed rules.
Markup and terms are set in the contract; the schedule, payments and documents are in the app; applications are submitted online.
The bank buys the asset and sells it to the client with a markup in instalments. Configure the asset, terms and conditions.
Contracts and schedules from templates, a fixed markup, signing in the app. Repayment terms are agreed for each product.
Separate accounting of funds, assets, liabilities and markup income; reporting for the Islamic framework.
Product rules, board approval, a decision log and screening for prohibited transaction categories.
Reminders, restructuring and charitable contributions based on board decisions and product terms.
Application, schedule, payments and documents in the mobile bank and digital banking; sadaqah in the app, biometrics at onboarding. Mobile bank
Checks, decisions and documents run through the loan origination pipeline; accounting stays in the core banking system. Loan origination pipeline
Reporting for the regulator and the board, minutes and a decision log, licensing documents.
Tawarruq and ujrah are planned for cards and unsecured financing. Ijarah, wakalah, mudarabah and other instruments are scoped separately with the bank and its board.
Products, accounting, processes, the board and licensing in one plan with technical and organisational timelines.
Setting up murabaha, contracts, schedules, segregated accounting, Sharia compliance and channels.
The bank forms the board, adapts processes, approves products and obtains the required licence.
Once approved, the first deals and reporting follow; new instruments are added by board decision.
The Islamic banking unit runs in the bank’s infrastructure; the bank owns the code and documentation. Price and timeline are set in the contract.
Infrastructure, deployment and 24/7 monitoring by Rocket Tech; data storage terms are agreed for the bank’s jurisdiction.
New instruments, regulatory updates and SLA-based support by subscription or by the bank’s own team.
Building the team and processes for the Islamic finance line, launching it and handing it over to the bank once the agreed targets are met. How it works
“An Islamic window should not be held back by technology. Murabaha, segregated accounting and Sharia compliance are the technical part, with a clear plan, while the bank handles processes, the Sharia board and licensing in parallel, on its own timeline.”
Oleg SolabayevCTO, Head of Ready Bank products
Not necessarily. In Kazakhstan and Uzbekistan, an existing bank can obtain a licence for Islamic operations. Requirements for products, accounting and governance are clarified for each jurisdiction; a separate Islamic bank is a different implementation format.
No. That is the plan for the technical part. Processes, the Sharia board, licensing and approvals are part of the overall Discovery plan; their timelines are set separately.
The bank’s Sharia board. The platform supports product rules, approvals and a decision log.
Murabaha for goods, cars and real estate. Tawarruq and ujrah are planned; ijarah, wakalah, mudarabah and other instruments are developed separately.
Murabaha for purchases and financing of acquired assets. Ijarah, wakalah, kafalah, salam, istisna and mudarabah require separate work; the choice depends on the task and the board’s decision.
Reminders and restructuring; charitable contributions depend on the product terms and the board’s decision.
Integration with the core banking system is checked during the audit. In Uzbekistan, a decision on an Islamic licence for an existing bank is made within 2 months of receiving the complete set of documents. Preparing the bank and the documents is a separate stage.
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