The National Bank of the Kyrgyz Republic and the International Islamic Trade Finance Corporation (ITFC, member of Islamic Development Bank Group) are jointly conducting a Workshop on Trade Finance Solutions for Financial Institutions operating in the Kyrgyz Republic on 12-13 March 2019. The Chairman of the National Bank in his welcome speech expressed appreciation of the ITFC initiative for the Workshop and noted that this event will increase participants’ awareness about the Islamic finance and its availability of funding. The Chairman also noted that the National Bank as a regulator intends to continue relevant policies for further development and safe operation of the Islamic banking sector, including the improvement of the regulatory framework and cooperation with international organizations such as IFSB and AAOIFI .
Fundamentals and principles of Islamic finance, differences between Islamic and conventional banks, Islamic finance and investment products, Islamic finance modes of trading, ITFC trade finance solutions and other issues will be discussed during the Workshop.
The Workshop will include representatives of commercial banks, financial institutions and government bodies.
The International Islamic Trade Finance Corporation (ITFC) is an entity within the Islamic Development Bank (IDB) Group. Its primary focus is to encourage intra-trade among Organization of Islamic Cooperation (OIC) Member Countries. The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.
The Islamic Financial Services Board (IFSB) is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry. Members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organizations, and institutions offering Islamic financial services.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a body that prepares accounting, auditing, governance, ethics and Shari’a standards for Islamic financial institutions.