-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 18l14bpFYPeOFqyPektjmA==

<SEC-DOCUMENT>0000950127-08-000274.txt : 20080703
<SEC-HEADER>0000950127-08-000274.hdr.sgml : 20080703
<ACCEPTANCE-DATETIME>20080703094437
ACCESSION NUMBER:		0000950127-08-000274
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080208
FILED AS OF DATE:		20080703
DATE AS OF CHANGE:		20080703

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BMB MUNAI INC
		CENTRAL INDEX KEY:			0000924805
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				300233726
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101
		BUSINESS PHONE:		801-355-2227

	MAIL ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERUNION FINANCIAL CORP
		DATE OF NAME CHANGE:	19960719

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JSC Compass Asset Management
		CENTRAL INDEX KEY:			0001435729
		STATE OF INCORPORATION:			1P
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33034
		FILM NUMBER:		08936666

	BUSINESS ADDRESS:	
		STREET 1:		240V FURMANOVA STREET
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050059
		BUSINESS PHONE:		7327 2607 609

	MAIL ADDRESS:	
		STREET 1:		240V FURMANOVA STREET
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050059

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Compass Asset Management Ltd.
		CENTRAL INDEX KEY:			0001438220
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33034
		FILM NUMBER:		08936665

	BUSINESS ADDRESS:	
		STREET 1:		QUEENSGATE HOUSE
		STREET 2:		113 SOUTH CHURCH STREET, P.O. BOX 1234
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(7) 701 7 607 607

	MAIL ADDRESS:	
		STREET 1:		QUEENSGATE HOUSE
		STREET 2:		113 SOUTH CHURCH STREET, P.O. BOX 1234
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1108
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>a8-126_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-02-08</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000924805</issuerCik>
        <issuerName>BMB MUNAI INC</issuerName>
        <issuerTradingSymbol>KAZ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001435729</rptOwnerCik>
            <rptOwnerName>JSC Compass Asset Management</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>240V FURMANOVA STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ALMATY</rptOwnerCity>
            <rptOwnerState>1P</rptOwnerState>
            <rptOwnerZipCode>050059</rptOwnerZipCode>
            <rptOwnerStateDescription>KAZAKSTAN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001438220</rptOwnerCik>
            <rptOwnerName>Compass Asset Management Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>QUEENSGATE HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>113 SOUTH CHURCH STREET, P.O. BOX 1234</rptOwnerStreet2>
            <rptOwnerCity>GEORGE TOWN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode>KY1-1108</rptOwnerZipCode>
            <rptOwnerStateDescription>CAYMAN ISLANDS</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock ($0.001 par value)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1321280</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Kazakh Compass fund Ltd.</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock ($0.001 par value)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>226716</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Compass Kazakhstan Ltd.</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock ($0.001 par value)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3796215</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: TAU Capital (Public Investments) Limited</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to two investment advisory agreements, Compass Asset Management Ltd. (&quot;CAM&quot;), a wholly-owned subsidiary of JSC
 Compass Asset Management (&quot;JSC&quot;), has been appointed investment manager for two private funds, Compass Kazakhstan Ltd.
 (&quot;Compass Kazakhstan&quot;) and Kazakh Compass Fund Ltd. (the &quot;Kazakh Compass&quot;).  In addition, pursuant to such investment
 advisory agreements, JSC agrees to act as the investment adviser to provide CAM with research and services to assist CAM in
 executing the investment objectives of Compass Kazakhstan and Kazakh Compass subject to the terms and conditions of the
 respective investment) management agreements to which Compass Kazakhstan and Kazakh Compass are a party.  Compass Kazakhstan
 and Kazakh Compass are wholly owned funds of CAM and act solely as investment vehicles for CAM.</footnote>
        <footnote id="F2">Pursuant to a shareholders' agreement, CAM and Spencer House Capital Management LLP (&quot;Spencer House&quot;) formed a joint venture
 in which each entity owns 50% of Spencer House Compass Capital Ltd. (&quot;Spencer Compass&quot;).  Pursuant to a management
 agreement, Spencer Compass acts as the investment manager with respect to the shares of common stock directly owned by TAU
 Capital (Public Investments) Limited.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Mikhail Derkavski, as Director of JSC Compass Asset Management</signatureName>
        <signatureDate>2008-07-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Mikhail Derkavski, as Director of Compass Asset Management Ltd.</signatureName>
        <signatureDate>2008-07-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
