Order No. 87-r of the Cabinet of Ministers validating the Concept for the development of the Islamic economic platform in the Kyrgyz Republic for 2023-2027.
Country
Type of law
Regulation
Policy
Abstract
This Concept was developed with the aim of facilitating the promotion of the National Development Strategy of the Kyrgyz Republic for 2018-2040.
The scope of this Concept is to create a system of Islamic economics and finance in the territory of the Kyrgyz Republic to ensure a more sustainable development model. The need for the Concept is predetermined by its relevance in modern reality.
Relations with international financial institutions will be expanded, development institutions and funds will be constituted, financial cooperatives will be created, Islamic principles of financing, venture financing institutions will be used, and the state will support investment activity in the fields of creating new export-oriented and innovative sectors of the economy that will ensure rapid growth of added value and exports.
The Concept establishes the following tasks: (a) expansion of Islamic banking opportunities; (b) activation of the Islamic securities market (sukuk), as well as the Islamic insurance market (takaful); (c) ensuring access of halal industry participants to Islamic investments and Islamic financing for processing, production and marketing of halal products; (d) creation of a highly professional and independent Sharia Supervisory Board; (e) creation of a full-fledged zakat, (Islamic microfinance fund) at the state level; (f) creation of a legislative framework regulating waqf issues in the territory of the Kyrgyz Republic; and (g) creation of the Center for Scientific Research of Islamic Economics and Finance.
Expected results: (a) launch of monetary policy instruments based on Islamic principles; (b) issue of government/corporate Islamic securities - sukuk; (c) establishment of an Islamic insurance company and/or opening of "Islamic windows" in existing traditional government/private insurance companies; (d) integration of Islamic finance and the halal industry; (e) establishment of a highly professional and independent Sharia supervisory board at the state level; (f) establishment of a zakat fund at the state level; (g) creation of legislation regulating waqf issues; and (h) opening of the Center for Scientific Research of Islamic Economics and Finance.
The scope of this Concept is to create a system of Islamic economics and finance in the territory of the Kyrgyz Republic to ensure a more sustainable development model. The need for the Concept is predetermined by its relevance in modern reality.
Relations with international financial institutions will be expanded, development institutions and funds will be constituted, financial cooperatives will be created, Islamic principles of financing, venture financing institutions will be used, and the state will support investment activity in the fields of creating new export-oriented and innovative sectors of the economy that will ensure rapid growth of added value and exports.
The Concept establishes the following tasks: (a) expansion of Islamic banking opportunities; (b) activation of the Islamic securities market (sukuk), as well as the Islamic insurance market (takaful); (c) ensuring access of halal industry participants to Islamic investments and Islamic financing for processing, production and marketing of halal products; (d) creation of a highly professional and independent Sharia Supervisory Board; (e) creation of a full-fledged zakat, (Islamic microfinance fund) at the state level; (f) creation of a legislative framework regulating waqf issues in the territory of the Kyrgyz Republic; and (g) creation of the Center for Scientific Research of Islamic Economics and Finance.
Expected results: (a) launch of monetary policy instruments based on Islamic principles; (b) issue of government/corporate Islamic securities - sukuk; (c) establishment of an Islamic insurance company and/or opening of "Islamic windows" in existing traditional government/private insurance companies; (d) integration of Islamic finance and the halal industry; (e) establishment of a highly professional and independent Sharia supervisory board at the state level; (f) establishment of a zakat fund at the state level; (g) creation of legislation regulating waqf issues; and (h) opening of the Center for Scientific Research of Islamic Economics and Finance.
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Date of text
Entry into force notes
This Order enters into force on the date of its official publication.
Repealed
No
Source language
English
Legislation Amendment
No
Original title
РАСПОРЯЖЕНИЕ КАБИНЕТА МИНИСТРОВ КЫРГЫЗСКОЙ РЕСПУБЛИКИ от 3 марта 2023 года № 87-р об утверждении КОНЦЕПЦИИ развития исламской экономической платформы в Кыргызской Республике на 2023-2027 годы.