Islamic Banking


Islamic banking is a fast-growing segment of financial services. This is due to both the growth of the Muslim population in the world and the penetration of modern technologies into the banking world. Despite their religious foundations, Islamic banks strive to maximize their profits like ordinary ones.

The principles of Islamic bank functioning can serve as a good example for many modern financial institutions, their goal is not only to make a profit by any means but to establish fair partnerships without harming people and the environment.

Despite significant progress, Islamic banking is still at an early stage of its development in Kazakhstan. That is why we have considered individual country development models and identified the main factors that contribute to the development of Islamic banking in the country in this work.

We note the significant unrealized potential of Islamic banking in Kazakhstan since a large number of people professing Islam live here, while the products of Islamic banks fully meet the current needs of both households and businesses.

Read more in the paper

Anuar Kuandykov

Managing Director

Sunggat Rysbek

Junior Analyst

12 May 23


Beauty industry: beauty salons

In this work, we analyzed the state of the world and Kazakhstan beauty salon markets, their sizes, characteristics and trends in the beauty industry.

The global beauty salon market is at rapid growth and will continue to grow in the coming years. The growth in demand for beauty services in different countries is associated not only with an increase in people's living standards but with a change in consumer preferences also. As a result of our research, it turned out that the most popular category of beauty services worldwide is hair care, then nails and skin care.

At the same time, the costs of beauty industry services in different countries differ due to cultural and economic factors. We also found that chain beauty salons are more common in Europe and the USA than in Kazakhstan. This is probably a consequence of the industry being less developed due to differences in consumer preferences.

Kazakhstan's beauty salon market is also in dynamic development, and the most popular service is hair care. The study of the domestic market was carried out through the analysis of up-to-date data from our database, which contains information about the amount, number and frequency of transactions of our customers.

As a result of the study, we determined that there is fairly high competition between beauty salons in the domestic market due to the discrepancy between supply and demand. The latter is insufficient for such a number of salons. The shortage of beauty salons and hairdressers is observed only in a few regions of the country. Perhaps that is why the average age of salons in Astana and Almaty cities is small. Also, there is relative equality in the cost of men's and women's haircuts in Kazakhstan.

The results of the study can be useful for developing an industry development strategy and making decisions for a new or existing business.

One-off Researches

BusinessNargiza Makenova

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