As part of the partnership, Kyrgyz citizens will have access to Syariah-compliant Takaful insurance, means an Islamic insurance business whose aims and operations do not involve any element such as uncertainty (al-Gharar), wager (al-Maisir) and usury (ar-Riba), according to akchabar.kg.
Bank representatives noted that the launch of Takaful reflects the bank's commitment to continually expand its range of ethical financial products and meet the needs of clients interested in Islamic finance.
The parties plan to further develop their partnership by expanding the range of joint offerings to clients and strengthening their presence in the Islamic financial services segment, the source added.
"We are confident that our partnership with Kyrgyzstan insurance company on the Takaful product will provide a powerful impetus to the development of Islamic finance in the region", commented Esther Aimukambetov, head of Eldik Bank's Islamic Window.
“Takaful” means an insurance scheme which provides for mutual or cooperative financial aid and assistance to the participants in case of need where the participants mutually agree to contribute for that purpose.
14825 views
