Islamic finance has been introduced in Kyrgyzstan since 2006, having launched a pilot project in one of the banks. At least 15 financial and credit institutions had already received the right to work according to these principles by 2024. Rapid development was made possible through the joint efforts of the state, the National Bank, and private business. The National Bank reported on a large seminar on Islamic banking, which was held from November 11 to December 5.
The bank managed to attract an internationally recognized company, the National Institute of Banking and Finance (NIBAF), which is a subsidiary of the State Bank of Pakistan, to improve the qualifications of specialists in the field of Islamic finance.
The seminar, organized in cooperation with NIBAF, provided participants with key knowledge about the rules and latest developments in Islamic finance. Participants were also able to establish useful professional connections with invited specialists.
During the program, more than 300 specialists were trained, including employees of the National Bank and other financial and credit organizations.
The main topics included «Islamic Banking», " Shariah Governance" and «Supervision of Financial and Credit Organizations», which increased their professional competence in these areas.
Development of Islamic finance in Kyrgyzstan is considered as a way to expand public access to banking services. To this end, the National Bank of the Kyrgyz Republic has taken measures to improve legislation and create equal conditions for financial and credit organizations providing Islamic banking and financial services.
From the very beginning of the introduction of Islamic finance in the country, the central bank has paid great attention to training specialists in this area.
Note of 24.kg news agency
The National Institute of Banking and Finance (NIBAF) is a leading organization specializing in training employees of central and commercial banks, as well as other financial institutions. Its trainers are experts in the field of banking, finance and academic research. NIBAF is a subsidiary of the Central Bank of Pakistan. It is a leading institute for training specialists of central and commercial banks, financial institutions.
Holding such a large-scale event in Kyrgyzstan was possible due to the support of the Islamic Development Bank (IDB) KGZ-1018 project. The IDB KGZ-1018 project is aimed at supporting the National Bank in developing a regulatory and supervisory system in accordance with the Shariah standards and building the capacity of specialists to develop Islamic banking in the Kyrgyz Republic.
The IDB has already made a significant contribution to the development of Islamic finance in Kyrgyzstan, starting with a pilot project to introduce Islamic financing principles and providing technical assistance, training and consultations.
Considering that the Islamic finance market in the Kyrgyz Republic is at the formation stage, the assistance of partners such as the IDB and NIBAF is timely and important for the National Bank and the financial sector.
