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Sunday, 29 June 2008

Kyrgyzstan Keen To Learn Malaysia's Model Of Islamic Economy

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.


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