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Kyrgyzstan, IDB sign agreement on implementation of Islamic principles in field of insurance and securities circulation

April 26, 2014

An agreement on development of draft regulations for introduction and development of Islamic insurance (takaful) and Islamic securities (sukuk) in Kyrgyzstan was signed following the visit of the Islamic Development Bank's mission, the government's press service reported.

The agreement was signed by the State Service for regulation and supervision of financial market under the Government of Kyrgyzstan and Simmons & Simmons company.

Under the agreement, the Kyrgyz side will receive necessary support in the preparation of documents in the field of Islamic financial services.

First Vice Prime Minister of Kyrgyzstan Tayirbek Sarpashev said that the government will now begin a new phase of introduction and expansion of Islamic finance principles with signing of this agreement. The country also expects to attract large investments that will favorably affect the development of the financial market and banking sector, in the national economy. It is very important that the introduction of Islamic finance principles exclude the possibility of money laundering and use of other corruption schemes, Sarpashev added.

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Source: AKIpress News Agency (Kyrgyz Republic)

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