CHOLPON KOKUMOVA
Chairperson of the Board of Directors
Ms. Cholpon Kokumova holds a Master’s degree in business administration from the University of Exeter in England. She has more than 30 years of experience of work in financial and investment companies in European and Central-Asian countries in institution building and competitiveness of financial institutions and Small and Medium-sized enterprises by advising in strategic and business planning, risk management, market research, internal control, and investor relations.
Ms. Kokumova started her career at major banks in the Kyrgyz Republic (JCCB “Kyrgyzstan”, KICB). From 2009 to 2018, Ms. Kokumova managed an International Finance Corporation (IFC) consulting project and was responsible for achieving project goals – the transformation of microfinance institutions in Kyrgyzstan, Azerbaijan, Georgia, Tajikistan, Kazakhstan, and Kyrgyzstan. She is a certified Microfinance Expert.
In 2020, she became the Chairperson of the Board of Directors оf “Bailyk Finance” Company.
JOACHIM BАLD
Member of the Board of Directors
Dr. Bald is a recognized international expert in risk management and treasury in banking and microfinance. He serves as lead consultant at the Frankfurt School Competence Center in Risk Management and regularly manages complex implementation assignments in emerging markets. Joachim also teaches the Certified Expert in Risk Management and the Certified Expert in Treasury and Markets online programs at the Frankfurt School.
Recent and ongoing advisory mandates include the EIB, EBRD, KfW, Sasfin Bank – South Africa, Uzbekistan Mortgage Refinancing Company, as well as at Alex Bank and Banque Misr in Egypt, Cairo Amman Bank, Bank Al Etihad and Ahli Bank in Jordan, Khan Bank in Mongolia, TYM Women’s Union Bank in Vietnam and many more.
Dr. Bald is a Member of the Supervisory Board at KMF in Kazakhstan and previously served as Director at Bai Tushum Bank in Kyrgyzstan (2013-2023) and as Director of the FIDEF fund at EFA Group in Singapore (2017-2024).
In his early career, Dr. Bald worked at Commerzbank AG, Frankfurt and Deutsche Börse Systems, the IT division of the German stock exchange in Frankfurt and Chicago. He holds a German MBA (Diplomkaufmann), a doctorate in economics and is also a US Certified Management Accountant.
Joachim is fluent in English, French, German and Russian.
RAUSHAN KURBANALIEVA
Member of the Board of Directors
“Mrs. Raushan Kurbanalieva graduated from the Kazakh State Academy of Management with a specialization in Economic and Social Planning. She has the degree of MBA – Master of Business Administration of the University “Almaty Management University”. She also has a certificate of CAP, USAID / CAMFA II “Financial services for rural areas and agriculture”, intensive MBA course and business management school A. Galunina.
Ms. Raushan Kurbanaliyeva has more than 15 years of experience as the Chairman of the Board of MFO “Arnur Credit” LLP. Engaged in attracting investments and grant funds from international investors. During the work under the leadership of Ms. Kurbanalieva, the company has gone from regional to one of the largest MFIs in Kazakhstan.
Also, Mrs. Raushan Kurbanalieva has a long experience as a member of the Board of Directors. For more than three years he has been a member of the Board of Directors of the Association of Microfinance of the Republic of Kazakhstan; She was an independent director in the Board of Directors of JSC “Shardarinskaya HPP” for 7 years; For 5 years, She have been an independent director on the board of ZAO MDO “Humo” – one of the leading companies in the field of microfinancing in Tajikistan.
Currently, he is an independent director of the Board of Directors of JSC “Bukhtarminskaya HPP”, a member of the Board of Trustees of the common fund “Nuri Humo”, re-elected to the new Board of Directors of the Association of Microfinance Organizations of the Republic of Kazakhstan.
Completed training in risk management and internal control, as well as training in the course “Independent director: successful career”
She is a current member of the Association of Independent Directors of Kazakhstan.”
ASHOT OSIPYAN
Member of the Board of Directors
Ashot Osipyan is a banker with 30 years of experience. He began his career at the Ministry of Finance of the Republic of Armenia, progressing from a leading specialist to the head of the main department. He was involved in the creation of the securities market, the regulation of non-banking financial organizations, the reform of the banking sector, and the restructuring of state banks. He served as an advisor to the Chairman of the Central Bank of Armenia, where he was responsible for establishing a mega-regulator and improving banking legislation.
For 21 years, he managed two commercial banks in Armenia. As the Chairman of the Board of ArkaEconom Bank (1998-2006), he transformed a Soviet-era, loss-making bank into a modern, technological, and profitable institution. Under Ashot Osipyan’s leadership, Ararat Bank (2006-2019) evolved from a startup bank into a leading, systemically important bank in the country.
In 2016, he established the Banking School of Management. Ashot Osipyan was elected Chairman of the Association of Banks of Armenia (2011-2013). During his tenure, the institution of alternative dispute resolution—bank arbitration—was introduced, and international cooperation with banking associations from other countries was expanded.
He has served as a member of the Board of Directors in various Armenian infrastructure companies, such as the Deposit Insurance Fund of Armenia, the National Processing Company ARKA, the Credit Bureau AKRA, and Arminkassa, as well as in Armenian banks like Sberbank and ArkaEconom Bank. He was also a member of the Board of Directors of the Asia-Pacific Bank in Russia and Eskhata Bank in Tajikistan.
In 2020, Ashot Osipyan began his role as a nominated director at the EBRD. He is a member of the Board of Directors of Asaka Bank in Uzbekistan. Ashot Osipyan has over 30 years of teaching experience and is an honorary professor at Gldzor University in Yerevan.
For his contributions to the development of the banking sector, he has received state and international awards. In 2018, the Eurasian Cooperation Financial-Business Association recognized Ashot Osipyan as the “Banker of the Year.”
AGIIS KONKABAEVA
Member of the Board of Directors
Agiis Konkabaeva is an expert in digitalization, strategic management, and digital transformation for large businesses in the FinTech sector. She has over 16 years of experience in the financial system of Kazakhstan, having worked for companies such as Alfa-Bank, Sberbank, and BTA Bank.
As the ex-CEO and founder of the IT company Tekmates, Agiis has over 12 years of managerial experience in the FinTech sector, including serving as the head of the digital development department at Alfa-Bank. She has successfully implemented innovative solutions in the Kazakhstan market, from concept to commercialization, and has introduced new processes to develop the customer base, which led to a doubling of the NPS and a threefold increase in the service level of the call center.
Agiis has managed agile teams of over 180 engineers and has implemented more than 10 large IT projects, including a digital bank for SMEs and mobile banking solutions. In 2023, she founded the fastest-growing IT company in Central Asia and received the Central Asian Tech Awards. She was a finalist in two categories at the 2024 Women in Tech Global Awards and received the “Best Financier” award from the Kazakhstan Association of Financiers. Agiis actively mentors students and junior specialists and is involved in promoting gender diversity in the tech sector. She holds two higher education degrees in applied mathematics and finance.
PUSUR ТЕGIN ZAMIR
Chairperson of the Sharia Board
Zamir Pusur tegin graduated from Osh State University with a degree in “Information Systems in Economics”, he holds a master’s degree in Management. He has also completed numerous advanced vocational training pieces.
Pusur tegin Zamir has 20 years of experience of work in the financial and economic sphere. He started his career as a chief accountant and continued his career in leading positions in such large banks of Kyrgyzstan as “ЕсоIslamicBank” OJSC and Companion Bank in Osh. At present, he is the Chairperson of the Sharia Committee in the Micro-deposit organization “Humo” CJSC, Dushanbe, Tajikistan.
Zamir is an expert in principles of Islamic banking and finance, including the Sharia standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).
AZHIMAMATOV ZAILABIDIN
Member of the Sharia Board
Zailabidin Azhimamatov graduated from Osh State University, Osh, with a degree in “Religious Studies”. He received his master’s degree in Fundamental Islamic Sciences from Ankara University, Ankara, Turkey. He received a degree in Theology from Ankara University, Turkey. He has extensive experience in teaching. Also, Zailabidin has attended courses on Islamic banking and finance under AAOIFI standards organized by the “International Association for Partnership Economics and Finance”.
Zailabidin’s total work experience is 16 years, including 9 years in the financial and economic sphere.
MADINA KALIMULLINA
Member of the Sharia Board
Certified Sharia Advisor and Auditor (CSAA, AAOIFI), PhD in Economics. Experience in the field of Islamic economics and Islamic finance – 15 years.
Madina Kalimullina graduated from the Moscow State Institute of International Relations with a degree in World Economics, as well as a postgraduate degree from the Financial University under the Government of the Russian Federation. Madina is a Senior Research Fellow at the National Research University Higher School of Economics (NRU HSE). Since 2010, he has been teaching as part of his own programs in Islamic economics and finance at Russian universities and other venues. In 2021, she participated as a teacher in a training program for the banking community in the Republic of Uzbekistan at the invitation of the Islamic Development Bank.
In 2010-2018 led a project to organize an international exhibition of halal products and services in Moscow, has more than 7 years of experience in the field of examination of contracts for compliance with Sharia standards and the creation of Islamic financial products. Since 2010, he has been coordinating the translation of AAOIFI Sharia standards into Russian. He is one of the founders and executive secretary of the Russian Association of Islamic Finance Experts, is a member of the Bank of Russia Working Group on Partner Banking (since 2016), and is also a member of the expert group of the Financial Market Committee on the regulation of partner banking (since 2022). Has a number of publications on Islamic finance in international journals.
MOLDAZHANOVA CHINARA
Chief Executive Officer
Chinara Moldazhanova graduated from the Frunze Polytechnic Institute with a specialty “Process engineer” in 1984 and from the Kyrgyz State National University in 2001 with a degree in accounting and auditing. After graduation from the university, she started her career as an engineer/technologist and worked her way up to the Chief Financial Officer of Central Asia’s largest bakery plant.
With the arrival of the first microfinance institutions in Kyrgyzstan, Chinara Darkenbaevna started her microfinance experience as the Head оf Balykchy branch of Mercy Corps “Mercyco” and also served as a trainer-mentor in the establishment of microfinance in Uzbekistan and Russia (Chechnya and Ingushetia). Having gained solid experience in microfinance, she founded large Microcredit Company, in the development of which she participated from 2005 to 2013 not only in the Kyrgyz Republic but also in Russia and Azerbaijan. The total experience in the development of microfinance today is more than 20 years.
In 2013, she headed the Microcredit Company “Bailyk Finance” as Chief Executive Officer.
In September 2022, Chinara Darkenbaevna successfully completed training at the Ukrainian Institute of Corporate Governance under the program “Corporate Director”. She is a tracker certified by the “Moscow School of Trackers Evgeny Kalinin” (2023).
In 2024, she completed training at the IFC training jointly with the Chamber of Independent Directors under the program “Corporate Director”.
In her work, Chinara Darkenbaevna pays special attention to strengthening the professional competencies of key employees and introducing the best international practices into the Company’s management system.
DERBISHALIEV ARZYMAT
Branch Network Director & Head of Islamic Finance
Arzymat Derbishaliev graduated with honors from the Kyrgyz-Russian Slavic University with a degree in “Finance and Credit”.
In 2009, he began his career as a credit administrator at a large local microcredit company. Arzymat participated in the improvement and analysis of the credit process, monitored the performance of credit personnel, and monitored and assessed performance. Determination, constant desire for development, entrepreneurial acumen and professional competencies allowed Arzymat to found the Microcredit Company “Bailyk Finance” in 2011. At present time Arzymat holds the position of Regional director of MCC “Bailyk Finance”.
In 2021 he successfully completed training at the Frankfurt School of Finance and Management, as a result of which he is a certified expert on risk management.
Aramyan Lyubov
Chief Financial Officer
Aramyan Lyubov has more than 15 years of experience in the financial sector, of which 8 years worked in the Big Four international audit company as an auditor of financial statements of banks in accordance with IFRS and in accordance with the requirements of the National Bank of the Kyrgyz Republic. Lyubov is a graduate of the Russian-Kyrgyz Slavic University, Faculty of International Relations, majoring in world economics.
Lyubov has been a certified auditor of the Kyrgyz Republic since 2017 with membership in the Professional Auditing Association “Financial Reporting and Audit Council”, has a CAP degree and is a member of the Association of Accountants and Auditors (BBA), and is a student of ACCA international certification.
During her work at MCC Baylyk Finance CJSC, she implemented a large number of projects to attract international financing, as well as to optimize and strengthen business processes in the field of financial development and sustainability of the Company. Lyubov has participated in many professional development training programs, including training on green finance and ESG for financial institutions.
MURAKANOV JANARBEK
Head of Legal Department
Murakanov Janarbek is a lawyer with many years of experience in the financial system of the Kyrgyz Republic, including the National Bank of the Kyrgyz Republic, leading microfinance organizations and law firms.
Janarbek graduated from the Republican Kyrgyz-Turkish Anadoli Lyceum in Bishkek and received a “gold certificate” based on the results of nationwide testing. He is a graduate of the Faculty of Law of the Kyrgyz-Russian Slavic University with a degree in Civil Law (2008).
Holds an LLM in International Banking and Finance Law, City, University of London (2019). Chevening Program Fellow (2018-2019).
Currently he holds the position of Head of the Legal Department of MCC Baylyk Finance CJSC.
POLEVOY MAXIM
Head of Information Technology Department
Maxim Polevoy graduated from the Kyrgyz Technical University in 2003 with a degree in Engineering at the Faculty of Innovative Technologies.
He began his activities in the IT field back in 1999, as a database administrator.
Subsequently, he worked in various IT companies, including the largest telecommunications companies in Kyrgyzstan and Russia, reaching the position of Technical Director.
At the beginning of 2010, he began his career as the head of the Information Technology Department in a large microcredit company.
In 2019, he joined the Baylyk Finance team as the head of the IT Department, under his leadership the Department grew to IT management, which currently includes 4 large and strategically important areas for the Company.
Total experience in the IT field is 25 years. During this period, extensive work experience was accumulated, both in telecommunications companies and in the field of microcredit.
