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Islamic windows in Kazakhstan: From regulatory enablement to practical implementation 

Following recent regulatory developments in Kazakhstan, conventional banks are now permitted to offer Shari’ah-compliant financial services through Islamic windows, without the need to establish separate legal entities. 

As of March 2026, the new framework introduced by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM), creates a more accessible and structured pathway for banks to participate in the growing Islamic finance market.

However, while the regulatory foundation is now in place, the critical question for banks is no longer whether to enter Islamic finance, but how to operationalize Islamic windows efficiently, safely, and at scale. 

From governance and product structuring to technology integration and operating model design, banks must balance Shari’ah compliance, operational segregation, customer experience, and commercial sustainability. 

Discussion

Topics

From regulation to action - With the regulatory framework now established, what should be the first strategic and operational priorities for banks looking to launch Islamic windows?

Setting up the Islamic window - What are the essential building blocks required to establish an Islamic window, while maintaining compliance and operational efficiency?

Implementation & integration - How can banks integrate Islamic finance capabilities into existing banking environments while minimizing complexity, risk, and time-to-market?

Designing a scalable operating model - What operating models allow Islamic windows to scale sustainably without creating unnecessary operational or technology duplication?

Digital experience & product delivery - How can banks deliver Shari’ah-compliant banking experiences digitally, while maintaining the speed and convenience customers expect today?

Could Kazakhstan become the Islamic finance gateway for Central Asia, and what role will conventional banks play in that transformation?

SUBJECT MATTER EXPERT

Khaled Berjawi

Speaker 1

Senior Vice President Product Management at Azentio

Azentio

Khaled Berjawi is Senior Vice President Product Management - Global Islamic Banking at Azentio, with more than 23 years of experience across Islamic banking, financial technology, product strategy, and digital transformation. Throughout his career, Khaled has partnered closely with banks across global markets, supporting product innovation, core banking transformation, and the development of practical technology roadmaps. At Azentio, Khaled helps financial institutions translate business priorities into scalable, Shari’ah-compliant banking solutions that support growth, operational efficiency, and digital modernization.

ABOUT

Azentio

Azentio is a leading provider of purpose-built, intelligence-driven technology solutions designed to transform the banking, financial services, insurance (BFSI), and enterprise resource planning (ERP) sectors. By combining cutting-edge innovation with deep domain expertise, Azentio empowers businesses to accelerate growth, enhance operational efficiency, and stay ahead in a rapidly evolving market. With a strong presence across the Middle East, Africa, and Southeast Asia, Azentio delivers world-class technology that streamlines processes and delivers tangible results, enabling organizations to achieve sustainable success.