On July 11, 2025, the city of Karakol hosted a hands-on event titled “Islamic Finance: New Opportunities for Business.” The workshop, organized with the support of the Islamic Finance Center (IFC) at Bakai Bank, brought together entrepreneurs interested in ethical and transparent approaches to business in line with Islamic principles.

The event served as a unique platform for experience sharing, practical guidance, and open discussion around Sharia-compliant financial tools and how they can support sustainable business development in Kyrgyzstan.

Featured Speakers Included:

• 🔹 Mars Ibraev - Chairman of the Sharia Supervisory Board, IFC Bakai Bank

• 🔹 Zamir Rakiev -  Member of the Sharia Supervisory Board, IFC Bakai Bank

• 🔹 Rinat Gabbasov - Member of the Sharia Supervisory Board, IFC Bakai Bank

• 🔹 Aibek Zhangaziyev - Founder of Bellagio, shared his personal experience with faith-based entrepreneurship

Key Sharia-Compliant Products from IFC Bakai Bank

🔹 Murabaha Business
Interest-free financing for sole proprietors, legal entities, and farmers. Can be used for equipment, commercial real estate, or agricultural goods.

• Amount: from 500,000 KGS

• Term: up to 12 years

• Profit rate: from 16% annually (valid through August)

🔹 Sharia Mortgage - Islamic home financing with terms up to 10 years, based on non-riba (non-interest) principles. Down payment may be waived if collateral is provided.

🔹 Consumer Murabaha & Installment Plans - Available for personal-use items (electronics, mobile phones, building materials). Structured with markup but no interest.

• Available to individuals and sole proprietors

• Amount: up to 10,000,000 KGS

• Term: up to 5 years

🔹 Mudaraba Online - An Islamic savings account that can be opened directly in the BakAi mobile app.

• Profit rate: up to 13% in KGS, paid out monthly

• Special-purpose accounts available: pension, children’s, savings-and-spending, and general-purpose deposits

Bakai Bank aims to demonstrate that Islamic finance is not only aligned with religious values but also a practical tool for supporting small and medium-sized enterprises across Kyrgyzstan.

Participants walked away with practical knowledge, real-life case studies, and new business connections.
Bakai Bank plans to hold similar events in other regions to promote the principles of Islamic financial planning and responsible entrepreneurship.

Bakai Bank - built around what truly matters.