Kyrgyz Republic's State Service for Regulation and Supervision of Financial Markets held a working meeting with financial sector representatives and Islamic finance expert Osman Kassim to discuss the further development of Islamic insurance (takaful), including a move from the current “Islamic window” approach to a full-fledged Islamic insurance system. Discussions focused on the regulatory framework, institutional development, and applying international standards in Islamic finance. The regulator noted that implementing full-fledged Islamic insurance would support Sharia-compliant financial products, improve access to insurance services, and broaden the range of financial instruments available in the market, with participants indicating readiness to continue cooperation on developing and implementing the model.
State Service for Regulation and Supervision of Financial Markets 2026-04-07
Kyrgyz Republic's State Service for Regulation and Supervision of Financial Markets convenes industry meeting on shifting from an Islamic window to full takaful insurance
The Kyrgyz Republic’s State Service for Regulation and Supervision of Financial Markets held a working meeting with financial sector representatives and Islamic finance expert Osman Kassim on transitioning from an “Islamic window” approach to a full-fledged Islamic insurance (takaful) system. Discussions covered the regulatory framework, institutional development and application of international Islamic finance standards, with the regulator highlighting potential benefits for Sharia-compliant products and insurance access, and participants expressing readiness to continue cooperation on the model’s development and implementation.