DUBAI. May 9. KAZINFORM. Dubai-based Emirates Bank Group (EBG), through its wholly-owned subsidiary Emirates Islamic Bank, yesterday signed a cooperation memorandum with JSC Bank TuranAlem to develop Islamic financial products in Kazakhstan. Successful cooperation between the banks may lead to the creation of a joint venture offering Islamic banking services in Kazakhstan and the region, it said in a statement. "Emirates Bank Group regards CIS [Commonwealth of Independent States] countries, especially Kazakhstan, as very promising, which will play a significant role in the growth of our group business," said Abdullah Showaiter, general manager of Emirates Islamic Bank. JSC Bank TuranAlem said it considered the prospect of creating an Islamic financial institution after carefully studying the interest of Central Asia's private businesses in using Islamic models of financing, and the interest of Islamic financial institutions in the region. The bank's chief executive, Roman Solodchenko, said yesterday that more research was needed in Kazakhstan and the region before the banks committed to a joint venture. However, he said such a venture could be established by the end of this year, although it was too early to talk about details. Kazakhstan has said that Islamic banking products and services would probably make up 5 to 7 per cent of its banking sector, Kazinform refers to Gulf News Report.