The corresponding agreement was signed among ArmanahRaya  Malaysia state financial group , 'Development Bank of Kazakhstan' JSC and FATTAH FINANCE JSC on July 19 in Astana.

'We believe that there is a necessity to develop a new joint plan for the next few years and come to realization of mutual projects. Several projects have already been launched in the sphere of power industry, tourism, industry and Islamic banking. It is of high importance on the threshold of Kazakhstan's presidency in the Organization of Islamic Conference and the 7^th World Islamic Econmic Forum which is also to take place in Kazakhstan', Vice Minister of Industry and New Technologies Asset Issekeshev said.

A. Issekeshev believes that this bank will serve as a moderator between Malaysia and Kazakhstan and its activity should be aimed at maintaining small and medium businesses.

It should be mentioned that the first Islamic bank 'Al Hilal' has been operating in Astana and Almaty since March 25^th of this year. It was established in accordance with the Agreement between Kazakhstan and the United Arab Emirates on opening Islamic Bank of Kazakhstan.