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Issue of Islamic payment cards to be allowed in Kyrgyzstan

Commercial banks operating on Islamic principles of financing will be allowed to issue debit and credit cards in Kyrgyzstan. The National Bank introduced the relevant amendments to its regulations.

The document notes that if the required amount is not paid on time during financing, banks will not charge interest. When opening an Islamic payment card, it will not be possible to accrue interest on the balance of funds on it. This means that such a card does not provide for any accrual of any income, nor the collection of penalties and fines for late payments on loans.

You can use an Islamic card only for activities permitted in the Sharia.

If this condition is violated, the card may be blocked. In addition, commercial banks will have the right to give card benefits that are not prohibited by Shariah. These can be discounts in hotels, when buying tickets, booking seats in a restaurant.