Qatar’s Al Rayan Investment (ARI) expands operations into Central Asia

Al Rayan Investment (ARI), a fully owned subsidiary of Masraf Al Rayan (the second-largest Shariah-compliant Islamic bank in Qatar) announced plans of setting up a new branch in Kazakhstan’s Astana International Financial Centre (AIFC).

Set to be the first fully-fledged digital bank to be located at the AIFC, this will be ARI’s first international expansion. The new branch will focus on developing Islamic banking products and investments through the application of fintech.

Commenting on the expansion, Masraf Al Rayan’s Chief Executive Officer Adel Mustafawi stated that Kazakhstan is the new hub for Islamic finance in Central Asia, and this expansion will allow ARI to gain a foothold in the region.

The AIFC was e...