From May 12 to 17, 2009, Nurbank JSC Chairman Marat Zhairov visited Saudi Arabia on a business trip. During the visit, he met with the President of the Islamic Development Bank, Dr. Ahmad Mohamad Ali Al-Madani, Vice President Abdul Aziz Al Hinai, and heads of the IDB's subsidiaries: the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), and several Saudi banks.
During the meeting with the President of the Islamic Development Bank Dr. Ahmad Mohammad Ali Al-Madani, Marat Zhairov discussed the current situation in Kazakhstan's banking sector, measures taken by the government to support the real economy, prospects for the development of Islamic finance in the country, and the utilization of the credit line from the International Islamic Trade Finance Corporation. The IDB President noted the bank's willingness to consider Nurbank's proposals for various projects and spheres of cooperation.
The meetings also covered prospects for cooperation in trade financing for small and medium-sized enterprises with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), of which Kazakhstan has been a member since 2005, increasing the credit line from the ITFC, and co-financing investment projects with the Islamic Corporation for the Development of the Private Sector (ICD). The IDB group's management showed particular interest in Nurbank's ongoing program to finance enterprises involved in Kazakhstan's agricultural sector.
Nurbank is among the ten largest banks in Kazakhstan. According to audited consolidated financial statements as of January 1, 2009, the bank's assets amounted to KZT 298.8 billion compared to KZT 198.7 billion on January 1, 2008, with a deposit base of KZT 185.5 billion, having increased by KZT 126.7 billion over the year.