Kyrgyzstan’s Ecobank looks forward to being a major player in finance in Central Asia

EcoBank (Kyrgyzstan) the first Islamic bank in the former territories of the Union of Soviet Socialist Republics (USSR), looks forward to being a major player in finance, serving not only the Kyrgyzstan but also the region. Eighty percent of Kyrgyzstan’s 5.01 million population are Muslims and there are 100 million Muslims in the Commonwealth of Independent States (CIS) countries. EcoBank is the most profitable bank among Kyrgyzstan’s 22 banks. EcoBank converted its operations into an Islamic bank one-and-a half years ago as part of the republic’s adoption of a dual banking system comprising Islamic and conventional. The conversion was assisted by two experts, one of whom was a Malaysian. EcoBank’s preference is to have Malaysian Maybank to take up the stake as Kyrgyzstan is implementing the Malaysian model of Islamic economic system. Read : Bernama