Published
09/22/2026, 15:51The Kyrgyz Stock Exchange (KSE) and the Islamic Finance Association (IFA) have signed a cooperation agreement. The parties plan to establish a specialised sector on the exchange for trading Islamic financial instruments.
Under the agreement, the KSE and the AIF will develop a concept and model for the new sector, define a list of eligible instruments, set out requirements for issuers and establish the procedure for their listing. Expert and Sharia compliance support for transactions is also planned.
Islamic bonds – sukuk – could become one of the key instruments of the new market. Their issuance is provided for in the Concept for the Development of the Islamic Economic Platform for 2023–2027, approved by the Cabinet of Ministers. The document also envisages the development of Kyrgyzstan as a regional centre for the Islamic economy.
According to Aida Chodulova, CEO of the Kyrgyz Stock Exchange (KSE), the agreement provides for the eventual launch of a trading sector for Islamic financial instruments based on the existing exchange infrastructure. At the same time, it is planned to develop new products taking into account the mechanisms for trading precious metals and currency instruments already in place on the KSE.
Talant Kerimbaev, Chairman of the AIF, stated that the parties also intend to align themselves with international standards for Islamic finance, including those of AAOIFI and the IFSB. According to him, this should contribute to the development of a sukuk market and the attraction of Islamic investment into the real sector of the economy.
To launch this new initiative, the KFB and the AIF will analyse Kyrgyz legislation and the exchange’s internal regulations. In addition, there are plans to launch educational modules at the KFB Training Centre on the structuring of Islamic transactions and the trading of such instruments on the exchange.
