Kyrgyz government approves projects on introduction of Islamic Sukuk

Kyrgyzstan hopes to use Islamic finance to attract foreign investment. The Kyrgyz government approved the project on introduction of Sukuk, State Secretary Abduhalik Shamshiyev said at the board meeting of the State Service for Financial Market Regulation and Supervision. International law firm Simmons & Simmons and the Kyrgyz Republic signed an agreement in May 2014 to provide consultancy services for the development of laws and regulations, supporting the introduction of Takaful and Sukuk in the Kyrgyz Republic. The consultancy services were funded under a technical assistance grant provided by the Islamic Development Bank (IDB).