Development of Islamic Finance in the Issyk-Kul Region

As part of the implementation of the Concept for the Development of the Islamic Economic Platform in the Kyrgyz Republic for 2023–2027, approved by the Cabinet of Ministers of the Kyrgyz Republic, and with the aim of systematically developing Islamic finance in the regions, meetings were held in the Issyk-Kul region between representatives of the Islamic Window of OJSC “Eldik Bank” and the Spiritual Administration of Muslims of Kyrgyzstan (SAMK) in the Issyk-Kul region.

The meetings were attended by Denis Pyshkin, Chairman of the Sharia Supervisory Board of OJSC “Eldik Bank”; Ester Aimukambetov, Head of the Bank’s Islamic Window; Kylchbek Sorombaev, Director of the Issyk-Kul branch of the Bank; Arpidin Azhy Zhoroev, Representative of the Muftiate of Kyrgyzstan in the Issyk-Kul region; staff of the regional SAMK office; as well as imam-khatibs from districts and cities of the Issyk-Kul region.

The purpose of the meetings was to discuss the principles and instruments of Islamic finance in the context of Sharia norms and the current legislation of the Kyrgyz Republic, jointly consider the role of religious leaders in improving the financial literacy of congregants, and develop mechanisms for long-term partnership between SAMK and the Bank in raising public awareness of Sharia-compliant financial products, exchanging experience, and establishing coordinated approaches to public outreach.

Following the meetings, representatives of OJSC “Eldik Bank” provided participants with informational materials explaining the principles of Islamic financial products and expressed hope that these meetings would enhance access to Islamic financial services for the population of the region and serve as a foundation for long-term institutional cooperation between SAMK and the Bank.