Tansar Islamic Bank Ltd. has been registered at the Astana International Financial Centre (AIFC) with stated share capital of $12 million. Its sole shareholder is Tansar Group, which also owns investment firm Tansar Capital. As of mid-2026, Tansar Capital has been managing a portion of Kazakhstanis’ pension savings.
According to registration records, the new entity was established on Oct. 16. It plans to provide Islamic banking services, including financing for businesses and individuals in accordance with Sharia principles. Its planned activities also include payment services, money transfers, currency exchange and the management of investment accounts based on profit-sharing arrangements.
However, AIFC registration does not automatically authorize Tansar Islamic Bank to begin banking operations. The company must first obtain the necessary regulatory approvals. As of now, publicly available registers of authorized firms do not indicate that the bank has received such approval.
Read also: Islamic mortgages coming to Kazakhstan in 2026.
Who is behind the new bank?
Rustem Baimakhanov has been appointed CEO of Tansar Islamic Bank. Its board of directors includes Yerzhan Agibayev, Nurken Dosmukhambetov, Aidos Mussatayev and Yeszhan Birtanov.
Agibayev and Birtanov are also shareholders of Tansar Group.
Birtanov served as deputy chairman of the National Bank of Kazakhstan from 2019 to 2022. He previously headed the Kazakhstan Stock Exchange (KASE) and the National Investment Corporation of the National Bank of Kazakhstan.
Agibayev has more than 20 years of experience in the financial sector. He has held senior positions at the National Bank of Kazakhstan, commercial banks and asset management firms.
How Tansar Capital is linked to Kazakhstan’s pension savings
Tansar Capital has operated in the securities market since 1995. Formerly known as CAIFC Investment Group, the company rebranded in 2022.
In March 2026, Kazakhstan’s Unified Accumulative Pension Fund (UAPF) signed an agreement with Tansar Capital to manage a portion of its pension assets under a fiduciary arrangement. This allows the company to manage contributors’ savings as a private investment portfolio manager (IPM).
As of Sept. 1, 2026, Tansar Capital was managing more than 740 million tenge in pension savings belonging to Kazakhstanis. That represented 0.49% of the total pension assets entrusted to private managers, excluding assets managed by the National Bank of Kazakhstan.