The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, and the Union of Banks of Kyrgyz Republic (UB), jointly held a webinar on 18th May 2022 and discussed a roadmap on viable alternative financing tools in the Kyrgyz Republic. The webinar is expected to ultimately lead to the development of concrete financing solutions for banks, as well as non-banking institutions operating in the Kyrgyz Republic.
The event was officiated by Mr. Rustam Sarybaev, representing the Union of Banks of Kyrgyz Republic (UB), and Mr. Anvar Abdraev, President, Union of Banks of Kyrgyz Republic (UB).
UB views Islamic finance as an alternative banking and financing model which can add to the existing options for financing key economic sectors in the Kyrgyz Republic, facilitating and promoting the building and development of stronger economic ties and cooperation in trade and investment between the Kyrgyz Republic and other member countries of ICD.
The welcoming remarks for the webinar were delivered by Mr. Ayman Amin Sejiny, Chief Executive Officer of the ICD.
In his address, Mr. Sejiny stated that "Islamic finance has become a viable alternative and innovative source of funding and sustainable investments, necessary to drive economic growth and diversity in the region." He noted further that Islamic finance was emerging as a viable instrument for financing SMEs in the 55 member countries of ICD and beyond.
The webinar introduced the ICD Line of Financing Product as an alternative financing tool to finance SMEs and their projects via local banks and non-banking financial institutions in the Kyrgyz Republic. It also was an opportunity for the participants to share information about ICD's “Islamic Window Advisory Services”.
The dialogue provided an avenue to exchange views and gather feedback on possible financing opportunities from ICD through its Line of Financing product.
The event was structured in two sessions, both of which were moderated by Mr. Samir Taghiyev, Head of CIS and Europe at ICD. The main speaker at the opening session of the webinar was Mr. Askar Baimuldin, representing the Financial Institution Financing & Guarantees Division at ICD, while the speaker in the second session was Mr. Muzaffarjon Nizamidinov, representing the Advisory Division, Global Markets Equity Department of ICD.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies of its member countries, and encouraging cross-border investments.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information on ICD visit: www.icd-ps.org
About Union of Banks of Kyrgyz Republic (UB)
Union of Banks (UB) was established in year of 2005 with main aim to ensure the protection of rights and representation of the common interests of members of the Union of Banks in front of the National Bank of the Kyrgyz Republic and other government owned organizations of the Kyrgyz Republic. UB also coordinates the activities of the members of the Union of Banks to improve the banking system, the legal framework and the development of banking industry in the Kyrgyz Republic. UB represents common interests related to the developing interregional and international relations among members of the Union of Banks. As of today, members of the Union of Banks are 24 commercial banks, 2 large microfinance companies, and 1 leasing company, 3 associate members.
For more information on UB visit: http://ub.kg/en/category/bez-rubriki-en/history/