Kyrgyzstan Sets Sights On Islamic Bank, Partnering With Bahrain For Financial Innovation

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, April 22. The president of Kyrgyzstan, Sadyr Zhaparov, proposed to consider the possibility of opening a new Islamic commercial bank in the country with the participation of Bahrain, Trend reports via the presidential administration.

According to information, the initiative was announced at a meeting with Hassan Khalifa Al-Jalahma, chairman of the board of directors of the Central Bank of Bahrain.

Zhaparov stated that there is a growing demand for Islamic banking services in the country. The implementation of the project, in his opinion, will make it possible to cover the business sector of Central Asia with a population of more than 80 million people, and in the long term, may lead to the creation of the largest bank in the region operating according to the principles of Islam.

The head of state noted that the banking system of Kyrgyzstan is at the stage of development, and the legislative basis for working according to Islamic financial standards has already been created.

The parties also discussed issues of attracting investments and the implementation of joint projects. Zhaparov stressed that Bahrain today is an example of effective economic and financial policy, as well as a recognized banking center of the Middle East.

In turn, the head of the Central Bank of Bahrain confirmed the readiness to deepen cooperation with the National Bank and other financial institutions of Kyrgyzstan. He noted that the Central Bank of Bahrain has created all conditions for the professional development of specialists and expressed readiness to accept Kyrgyz employees for training.

He also noted that the Central Bank of Bahrain intends to carefully study the proposal to create an Islamic financial institution, to agree on a program of cooperation with the National Bank, and to start implementing joint projects.

Sadyr Zhaparov arrived in Bahrain on April 21 on his first official visit to this country.

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