Kyrgyzstan will open a new bank, operating on Islamic principles of financing, the National Bank of the Kyrgyz Republic reported.

During an international financial conference “Islamic Finance: Response to the global aspirations” the meeting of the head of the National Bank Tolkunbek Abdygulov and the President of the Islamic Development Bank (IDB) Ahmad Mohamed Ali Al-Madani was held. They discussed prospects for the development of the economy of the Kyrgyz Republic, the establishment of a joint commercial bank which will work according to the principles of Islamic finance and the possible opening of IDB representative office in Kyrgyzstan.

“Tolkunbek Abdygulov and the Managing Director of the International Monetary Fund Christine Lagarde also discussed directions of further cooperation between Kyrgyzstan and the IMF. Christine Lagarde noted the concerted actions of the National Bank and the Government of the Kyrgyz Republic in the conduction of monetary and fiscal policy. A plan of possible joint actions amid the crisis was drawn up,” the National Bank of the Kyrgyz Republic says.