In the Kyrgyz Republic, in addition to conventional banking and lending practices, the principles of Islamic banking and finance are applied.
The principles of Islamic banking and finance provide a framework for conducting banking operations and transactions in full compliance with Shariah standards.
«Shariah standards» refer to the comprehensive set of rules governing economic and other activities as established and approved by the international organizations that set the standards for Islamic banking (AAOIFI, IFSB).
AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) establishes standards for accounting, auditing, governance, ethics, and Shariah compliance for Islamic financial institutions.
IFSB (Islamic Financial Services Board) establishes international standards designed to ensure the strength and stability of the Islamic financial services industry.
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