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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AuSKsRdcx32llkY4Os1WA9fekZ8QldV8fEqWmDNvrcnRkZVotwFfgkN2OC2TXlWE
 w0AjY/jMGyZnTq13oDtD6A==

<SEC-DOCUMENT>0001038838-10-000010.txt : 20100106
<SEC-HEADER>0001038838-10-000010.hdr.sgml : 20100106
<ACCEPTANCE-DATETIME>20100106173411
ACCESSION NUMBER:		0001038838-10-000010
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100101
FILED AS OF DATE:		20100106
DATE AS OF CHANGE:		20100106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Kulumbetov Gamal
		CENTRAL INDEX KEY:			0001403883

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33034
		FILM NUMBER:		10512658

	MAIL ADDRESS:	
		STREET 1:		202 DOSTYK AVE.
		STREET 2:		4TH FLOOR
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050051

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4kulumbetov010110_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-01-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001403883</rptOwnerCik>
            <rptOwnerName>Kulumbetov Gamal</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>202 DOSTYK AVE.</rptOwnerStreet1>
            <rptOwnerStreet2>4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>ALMATY</rptOwnerCity>
            <rptOwnerState>1P</rptOwnerState>
            <rptOwnerZipCode>050051</rptOwnerZipCode>
            <rptOwnerStateDescription>KAZAKSTAN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common</value>
            </securityTitle>
            <transactionDate>
                <value>2010-01-01</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>80000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>280000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares are a restricted stock grant to the Reporting Person for services rendered to the Company.  The shares are subject
 to a one-year vesting period, except in the event of a change in control of the Company, which would cause the shares to
 vest one day prior to the change of control event.  While the Reporting Person is entitled to vote the shares during the
 restricted period between the date of grant and vesting, he is not entitled to sell, transfer, assign, pledge or otherwise
 dispose of or encumber the shares until they vest.  The shares will be issued and deemed outstanding, but will be held in
 escrow by the Company until they vest.  Should the Reporting Person's employment with the Company terminate prior to
 vesting, the shares will be forfeited back to the Company.</footnote>
        <footnote id="F2">Restricted stock grant for services.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Gamal Kulumbetov</signatureName>
        <signatureDate>2010-01-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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