BISHKEK, Kyrgyzstan, February 19. The value of financing based on Islamic principles in Kyrgyzstan reached 9 billion soms ($102.9 million) as of December 31, 2024, which is a 49.3 percent increase since the beginning of the year, Trend reports.
According to the National Bank, the lion's share of Islamic financing went to mortgages, racking up a whopping 3.2 billion soms ($36.5 million), marking a staggering increase of 213.9 percent since the year's dawn.
Islamic financing for consumer purposes followed, amounting to 1.6 billion soms ($18.2 million), a decrease of 37 percent. Islamic financing in agriculture reached 1.3 billion soms ($14.8 million), reflecting a 109.5 percent increase.
Moreover, Islamic financing for trade stood at 1 billion soms ($11.4 million), an increase of 40.2 percent, while financing for construction reached 500 million soms ($5.7 million), up by 1 percent.
Islamic financing for industry totaled 300 million soms ($3.4 million), increasing by 93.8 percent, and Islamic financing for other purposes amounted to 1 billion soms ($11.4 million), marking a 128.2 percent increase.
As of December 31, 2024, the financial landscape of Kyrgyzstan comprised a total of 21 commercial banking institutions, complemented by an extensive network of 304 operational branches within the commercial banking sector. Five of these commercial banking institutions provided services aligned with the tenets of Islamic finance and banking principles, encompassing transactions in both domestic and/or foreign currencies.