15.06.2011 - Kyrgyzstan: Islamic banking offers alternative to the “European system”
Islamic banking is getting off to a slow start in Kyrgyzstan. But the country’s first brokerage agency following Islamic practices is changing the way Kyrgyz citizens – pious and secular alike – think about finance. Islamic banking faced daunting hurdles in Kyrgyzstan, where the secular elite has long regarded religion with suspicion. Ultimately, it was the persistence of entrepreneurs like Shamil Murtazaliev that paved the way for agencies like Muslim. In 1997, Murtazaliev bought a local branch of Russian Credit Bank and renamed it EcoBank to “break the monopoly” of the Western-style banking system in Kyrgyzstan and offer Islamic finance as a viable alternatives..............................................Full Article: Source
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