Kompanion’s CEO Ulanbek Termechikov participated in the Annual Meeting of Islamic Development Bank (IDB) held in Jeddah, Saudi Arabia, as a member of the Kyrgyz Republic’s governmental delegation. The meeting, dedicated to the Bank’s 40th Anniversary, focused on Islamic banking product development, the IDB’s role in poverty reduction, and the barriers, advantages and disadvantages of Islamic finance.

Kyrgyzstan’s first vice-prime minister Taiyrbek Sarpashev, the head of the delegation, gave an overview of the economic situation in Kyrgyzstan and called on the heads of Arabic foundations to invest in Kyrgyzstan. Sarpashev also assured listeners that the Government would create an enabling environment for cooperation.

“The government intends to expand Islamic financing principles to help to attract investments and to develop the country’s financial market and banking sector. This autumn we are planning to hold a conference on investments and a roundtable within the framework of the Arab Coordination Group,” added Sarpashev.

Managing director of Saudi Fund for Development, Yousuf Al-Bassam, expressed interest in strengthening the Fund’s partnership with Kyrgyzstan.

“This meeting is a platform for new opportunities for collaboration. We are ready to implement investment projects which are a priority for Kyrgyzstan,” said Al-Bassam.

Ulanbek Termechikov noted that participation in this meeting is a good opportunity to present and publicize Kompanion Financial Group’s subsidiary Islamic microfinance institution—Kompanion Invest.

“The Islamic Development Bank intends to establish partnership with Kompanion Invest for long-term cooperation. At the moment IDB is interested in expanding its activity in our country. Kyrgyzstan is the only country in the region where IDB is poorly represented,” added Termechikov.

The Department of Information policy of the Presidential Administration of Kyrgyz Republic reports that a number of agreements were signed between the Government of Kyrgyz Republic and Islamic Development Bank, worth a total of $46 million.

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Kompanion Invest is a subsidiary of Kompanion Financial Group. Kompanion Invest is a community development financial institution promoting the strengthening and development of communities by providing development products and services to entrepreneurs and individuals all over Kyrgyzstan. Kompanion Invest operates under Shari’a standards.