Kyrgyzstan Keen To Learn Malaysia’s Model Of Islamic Economy

By Mohd Arshi Mat Daud

KUALA LUMPUR, June 28 (Bernama) — The Kyrgyzstan government plans
to introduce takaful (Islamic insurance), Islamic bond and production
of halal products after having introduced Islamic banking
one-and-a-half years ago, said Shamil M. Murtazaliev, advisor to the
president of Kyrgyz Republic.

“InsyaAllah, I will lead a delegation to Malaysia next month to
meet Malaysian companies involved in takaful, sukuk and the halal
industry,” he told Bernama recently.

“We want to adopt the Malaysian model of Islamic economy including
how to manage haj pilgrims under a specialised body,” he said.

The republic has undertaken a pilot project to implement Islamic
bank as part of the republics adoption of a dual banking system
comprising Islamic and conventional. The conversion was assisted by two
experts, one of whom is a Malaysian.

It is now the most profitable bank among Kyrgyzstan’s 22 banks, he said.

He said there was a big potential for Malaysian companies to
engage in the production of halal products in Kyrgyzstan as demand for
the products outstripped supply.

“All products with halal signs will be positively perceived in our
country. Our main target is to raise the number of halal food
production,” he said.

Murtazaliev disclosed that a new halal legislation would be
introduced in the republic soon to ensure that the environment was
conducive for Malaysian companies to operate.

The former Soviet state is a landlocked country in Central Asia
bordering Kazakhstan, China, Tajikistan and Uzbekistan. Eighty percent
of its 5.01 million population are Muslims.

Agricultural processing is a key component of the industrial
Kyrgyz’s economy, as well as one of the most attractive sectors for
foreign investment.