Introduction of Islamic securities (sukuk) in Kyrgyzstan will be discussed in a round table format. The decision was taken today at a meeting of the parliamentary Committee on Economic and Fiscal Policy.
The initiator of the discussion is the deputy Akylbek Zhaparov (Bir Bol), who said that the draft law on amendments to the Law On the securities market doesn't reflect the specific requirements particular to this type of securities.
Recall, the introduction of Islamic securities is assumed under the agreement on technical assistance between the Government and the Islamic Development Bank (IDB). The initiators explained that the securities, issued according to Islamic principles, provide an opportunity to attract additional investments from the Muslims, who don't want to put up their means in banks at interest (this is contrary to Islamic law), but are seeking income.