The consultancy services to be provided by Simmons & Simmons are to be funded under a technical assistance grant provided by the Islamic Development Bank (IDB). The agreement with Simmons & Simmons was signed by the State Service for Regulation and Supervision of Financial Markets, on behalf of the Kyrgyz Republic.
First Vice Prime Minister of the Kyrgyz Republic, H.E. Tayirbek Sarpashev noted that upon the signing of this agreement, the Government will begin a new phase in the introduction and expansion of Islamic finance principles in Kyrgyzstan. He commented that, "The government expects the economy to attract large investments that will favourably affect the development of the financial market and banking sector." Muneer Khan, partner and head of the international Islamic finance practice at Simmons & Simmons, commented, "We are very happy to have been selected to advise on this important initiative and look forward to working with the Kyrgyz Republic and the Islamic Development Bank, with the ultimate aim of helping Kyrgyzstan to grow its domestic Sukuk and Takaful markets, as well as helping the government to attract Shari'ah- compliant funding internationally into some of its key infrastructure projects."
The Simmons & Simmons team is led by Muneer Khan, assisted by managing associate, Tariq Hameed.