International law firm to advise KYRGYZSTAN on Takaful and Sukuk finance

8 May 2014 — Vlad BOLDIJAR
kyrgyzstan1The international law firm SIMMONS & SIMMONS and the Kyrgyz Republic have signed a ground-breaking agreement to provide consultancy services for the development of laws and regulations, supporting the introduction of Takaful (Islamic insurance) and Sukuk (Islamic securities) in the Kyrgyz Republic. The consultancy services to be provided by SIMMONS & SIMMONS are to be funded through a technical assistance grant provided by the Islamic Development Bank (IDB).

The agreement with SIMMONS & SIMMONS was signed by the State Service for Regulation and Supervision of Financial Markets, on behalf of the Kyrgyz Republic.

First Vice Prime Minister of the Kyrgyz Republic, Tayirbek SARPASHEV, noted that upon the signing of this Agreement, the Government will begin a new phase in the introduction and expansion of Islamic finance principles in Kyrgyzstan. He commented that "the government expects the economy to attract large investments that will favorably affect the development of the financial market and banking sector."

Muneer KHAN, Partner and Head of the International Islamic Finance Practice at SIMMONS & SIMMONS, commented: "We are very happy to have been selected to advise on this important initiative and look forward to working with the Kyrgyz Republic and the Islamic Development Bank, with the ultimate aim of helping Kyrgyzstan to grow its domestic Sukuk and Takaful markets, as well as helping the government to attract Shariah compliant funding internationally into some of its key infrastructure projects."

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