The International Islamic Trade Finance Corporation (ITFC) Continues its Role in Strengthening Islamic Trade Finance in the Kyrgyz Republic and Support Leading Financial Institutions
(Bishkek, Kyrgyz Republic 20 February 2020) – The International Islamic Trade Finance Corporation (ITFC) organized its second three-day workshop on Advanced Islamic Trade Finance for Leading Financial Institutions (FIs) operating in the Kyrgyz Republic. This workshop falls under the Framework Agreement signed in 2019 between the Government of the Kyrgyz Republic and ITFC.
The workshop witnessed the participation of 27 bankers from ten leading financial institutions (FIs) in the Republic, for the purpose of enhancing their knowledge and understanding on Islamic Finance products and services and addressing capacity related obstacles faced by the FIs in this area. The workshop also serves as a platform to contribute to the advancement and promotion of Islamic finance products and services in the Kyrgyz Republic.
The Kyrgyz Republic is amongst the few countries that are viable for the expansion of Islamic trade finance solutions. Offering new trade solutions and working closer to the private sector are the key triggers to the achievement of Sustainable Development Goals and developmental aspirations of the Government of Kyrgyz Republic.
It is worth noting that ITFC organized the first workshop in 2019 in partnership with the National Bank of the Kyrgyz Republic, where 45 participants representing FIs and trade development institutions benefited from the workshop. In addition, ITFC has provided a training to the National Bank of the Kyrgyz Republic, during the training provided to CIS central banks + Afghanistan in Istanbul. Also in 2019 ITFC extended financing to two FIs operating in the Kyrgyz Republic for the onward support of SMEs and the private sector.