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Central Asia: Governments, Banks Gradually Open Up To Islamic Banking

The Saudi-based Islamic Development Bank (IDB) and the Kyrgyz government have launched a pilot project designed to introduce Islamic financing in Kyrgyzstan.

Kyrgyz President Kurmanbek Bakiev and IDB President Ahmad Muhammad Ali al-Madani on July 4 signed a deal to that effect at a ceremony in Bishkek. Under that deal, Kyrgyzstan's private EkoBank will be the country's first bank to offer financial products based on Islamic law, or Shari'a, to its clients.

Bakiev said after the signing ceremony that he thinks the development of Islamic banking will convince the IDB's other 55 member countries to invest in his country's economy. He also indicated that his government was considering pushing the experiment further and set up a regional Islamic banking center in Bishkek.

Regional Growth Of Islamic Banking

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Central Asia: Governments, Banks Gradually Open Up To Islamic Banking

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