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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001140361-11-001775.txt : 20110106
<SEC-HEADER>0001140361-11-001775.hdr.sgml : 20110106
<ACCEPTANCE-DATETIME>20110106212626
ACCESSION NUMBER:		0001140361-11-001775
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110101
FILED AS OF DATE:		20110106
DATE AS OF CHANGE:		20110106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Tolmakov Toleush
		CENTRAL INDEX KEY:			0001485502

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33034
		FILM NUMBER:		11515537

	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>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-01-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001485502</rptOwnerCik>
            <rptOwnerName>Tolmakov Toleush</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>202 DOSTYK AVE, 4TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ALMATY</rptOwnerCity>
            <rptOwnerState>1P</rptOwnerState>
            <rptOwnerZipCode>050051</rptOwnerZipCode>
            <rptOwnerStateDescription>KAZAKSTAN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common</value>
            </securityTitle>
            <transactionDate>
                <value>2011-01-01</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>215000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>6251960</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The shares were a restricted stock grant awarded to the Reporting Person on January 1, 2010 for services rendered to the Company.  This restricted stock grant was awarded, subject to a one-year vesting period.  The holding period was satisfied and the shares vested to the Reporting Person on January 1, 2011.</footnote>
        <footnote id="F2">Restricted stock grant for services.</footnote>
        <footnote id="F3">Mr Tolmakov owns 3,265,365 shares in his own name and 2,986,595 shares in the name of Simage Limited. Simage Limited is a company owned by Mr. Tolmakov.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Toleush Tolmakov</signatureName>
        <signatureDate>2011-01-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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