Gulfairuz Asaeva on Zaman Bank's mission: transparency, customer service, and economic development

Gulfairuz Asaeva, City — Astana, Chairman of the Board of Zaman Bank  

About Me

I have been working in the banking sector since 2007, immediately after completing my bachelor’s degree in Business Studies. I started my career in the international department, where I was responsible for communication with financial institution departments. During this period, we actively collaborated with Austrian Raiffeisen Bank, Alfa-Bank, and Sberbank, which allowed me to gain valuable practical experience early in my career.

In 2018, I was appointed to the position of CEO. My professional journey covers both front-office and back-office areas, including work in accounting, which gives me a comprehensive understanding of all key bank processes.

Technology and Innovation

In the context of technology development in Kazakhstan, we see significant potential. Already today, many companies demonstrate high demand for digital solutions, and at Zaman Bank we are confident that the industry will show rapid growth in the next three to five years.

Users are increasingly getting used to convenient and understandable services, and most FinTech companies, including Zaman, recognize the critical importance of this trend. At the same time, ethical principles and trust remain key for us — it is on these, along with technology, that the bank’s philosophy is built.

Kazakhstan, as one of the leaders in Central Asia, has a strong educational base and talented personnel capable of shaping technological trends. We see this, among other things, at hackathons, where a high level of student engagement confirms their great potential for professional growth.

For the bank, fundamental importance is attached to sustainability and stability. Short-term success is impossible without customer trust and effective internal synergy. Profit is important as an element of business functioning, however, it is achieved primarily through quality customer service — starting from the front desk and all touchpoints with the customer. 

Thus, sustainability, stability, trust, and ethical use of technology are basic principles that ensure the long-term success of Zaman Bank and contribute to strengthening Kazakhstan’s positions in the digital and financial spheres.

We primarily encourage internal initiative. We have a principle: if interesting ideas arise, we always discuss them, assess their viability, and adopt them if necessary. Therefore, in our discussions, there are always several directions that we test within the company. Before launching a product to the market, it undergoes a multi-stage internal review.

Of course, all ideas must be viable and meaningful. We create products that are genuinely interesting to the customer. If an idea is not interesting to the customer, no matter how profitable we consider it, it will not bring value. It is important for us that the product reflects our mission and philosophy.

Having an Islamic license imposes special responsibility on us. We are not just a business, not just a bank — we are an Islamic bank. Everything we do must reflect values while simultaneously bringing real benefit to the customer.

When working with the retail segment, it became clear that many people have stereotypes about “Islamic” products — they think they are free or intended only for a narrow audience. We decided to provide an educational direction for customers and created a consultant-expert. He works on the basis of our systems and is completely free for users. This is our way of giving people access to clear and reliable information.

We named the assistant Zaman. Currently, we are tracking which questions users ask to better understand their needs and develop products that are truly needed by customers.

The role of this assistant is gradually growing, becoming more useful. Many are already actively using it, including our team. But it does not completely replace specialists — it is an auxiliary tool, an assistant. We use it where we see a real need and value for customers.

Team

When a team is united by a common goal and understands the project concept, any tasks become achievable, even with tight deadlines. The main thing is to allow employees to show themselves, value their work, and support initiatives. This helps prevent burnout and strengthens motivation, as everyone sees the value of their work and its impact on the result.

We actively develop human potential. Team growth is accompanied by an expansion of functions and tasks, and interaction among numerous departments requires coordination skills and the ability to support a common result. We strive to give talented employees and entrepreneurs the opportunity to shine, creating conditions for their development and success.

A digital culture is forming in our company, where every employee actively uses technological tools and participates in idea generation. Employees have the freedom to propose initiatives that can then be implemented in the work of other departments.

Since 2024, the company has been systematically moving towards digitalization. For this purpose, a specialized team was created that implements the set tasks, and we carefully monitor technological and innovative trends in the market.

The organization includes many teams and sub-teams responsible for recruiting specialists and integrating them into projects. We actively participate in hackathons, forums, and seminars, adapting best practices to internal processes. A key factor in successful work is the adaptability of specialists, their ability to understand the final product and see the real task behind the technical specification.

Business and Markets

Kazakhstan has significant potential in the Islamic finance sector. Similar to Malaysia, the UAE, and the UK, the country is capable of offering high-quality technological solutions that meet global standards. Scaling projects, as in the case of Zaman Bank, is carried out in stages: first, testing the model in the local market, then expanding to international platforms.

Regulatory barriers remain a key challenge. The Kazakh market is characterized by high standards, and in other regions, such as Malaysia, Pakistan, and the UAE, strict requirements are also imposed on new players. To successfully enter such markets, a team of specialists with international experience and a product that fully meets standards and customer expectations is necessary.

In the partnership model, Zaman Bank has no foreign investors. One of the shareholders is ICD, a subsidiary of the Islamic Development Bank. With their entry, a new stage of transformation began for Zaman Bank from a traditional to an Islamic bank. Common goals and interests form the basis of effective partnership. We develop products in accordance with Sharia requirements, collaborating with experts from Bahrain, which allows us to introduce innovative solutions in the banking sector.

Currently, the bank is actively working with Europe, Islamic institutions, and China. We offer customers a wide range of financial services, including retail and corporate financing. Expanding opportunities for customers increases their loyalty, which directly contributes to the stability and sustainability of the business.

Future

Our mission is to create a financial ecosystem based on trust and transparency, which passes these values on to the customer. We believe that an economically stable customer is a contribution to the economy as a whole, so our task is to build a system where the key principles are transparency and trust.

Experience working with Zaman shows: there are no insurmountable obstacles — everything is possible with the right team and approach. It is important to openly listen to employees, trust new ideas, and give people the opportunity to show their best qualities. Even experience that initially seems not very useful is valuable and contributes to team development.

Examples of successful projects confirm the effectiveness of this approach. For example, a client who came with the idea of a quail egg farm in 2020, with the support of the Zaman Bank team, was able to implement the project and develop production. Another example is a young entrepreneur with a computer club project who, with proper support, scaled the business and expanded the geography of activities. These stories show how support for small business and entrepreneurs contributes to economic development, increased employment, and export stimulation.

For us, the key resource remains Kazakhstani people — people with experience, knowledge, and a desire to create and develop business. Today, young people are striving to work for themselves, take responsibility for their decisions, and we consider this an extremely positive factor for the economy.

In working with customers, we take into account all aspects of interaction: from reactions on social media to on-site service. It is important to draw lessons from negative experience and use them to improve service.

The main goal is to make financial service technological and convenient for everyone, regardless of the level of knowledge and experience. Zaman Bank is working to ensure that every customer can easily use products, manage finances, and receive Islamic financial services without difficulties and stereotypes. We strive to create a service for everyone, making the financial system accessible, transparent, and efficient.