OREANDA-NEWS. On September 02, 2007 Bank TuranAlem JSC (Almaty), shares and bonds of which are traded in Kazakhstan stock exchange's (KASE) category "A" official list had provided KASE with the press-release in which the following is informed, reported the press-centre of  KASE:

On August 29, 2007 deputy Chairman of Board of Bank TuranAlem JSC (BTA) Abilakim Zhumakhmetov and Vice-president of Islamic development bank (IDB) Amadu Bubakar had signed the farmed agreement about provision to the Bank TuranAlem of credit line for amount of $50 m. for up to 10 years' term.

According to given agreement Bank TuranAlem plans to finance projects of small and middle business, in particular in industrial, agricultural and processing sectors by leasing, installment selling, and financing according to Islamic method Istisna.

Main objective of provided credit line is the prolongation of terms and reduction of prices of credit resources fro small and middle business subjects.

The particularity of framed agreement between BTA and IDB is that credits for clients of BTA will make from 300 th. to 7,5 m. US dollars and will be given to up to 10 years' terms.

In the frames of the given line may be financed the deals of clients of BTA for purchasing of current assets both inside Republic of Kazakhstan and outside the country.

"I think that agreement between BTA and IDB is only the beginning of joint projects, which we'll realize in our country. I'm sure that such partnership will be productive and mutually beneficial", - announced Abilakim Zhumakhmetov on the ceremony of document signing.

Bank TuranAlem JSC (BTA) is one of the largest banks and leader in creation of banking network on the territory of CIS countries. Consolidated assets of the Bank as of June 30, 2007 made $23,966 m. (as of December 31, 2006 - $16,340 m.), shareholders' equity - $2,379 m. (as of December 31, 2006 - $1,532 m.).

Bank TuranAlem, presenting in all countries of CIS and far abroad, is widening its presence in CIS countries, about which is showing the network of banks - strategic partners of BTA, activity of which spreads on Ukraine, 4 regions of Russia, Byelorussia, Georgia, Armenia, Kirgizstan and Turkey. Representations of BTA are working in Russia, Ukraine, China and UAE.

Bank TuranAlem has the branchy subsidiaries' network all over Republic of Kazakhstan (22 subsidiaries and 249 settlement-cash offices).

Islamic Development Bank (IDB) - international financial organization, main objective of which is promoting of economic development and social progress of countries - members and Moslem conformities in the countries, not being the members of IDB, in accordance with principles of Islamic Shariat.

IDB was created on October 20, 1975. Headquarter is in Jidde city (Kingdom of Saudi Arabia), regional offices - in Rabat city (Morocco), Kuala-Lumpur (Malaysia). IDB has the representation office in Almaty.