First in Kyrgyzstan mobile banking for Muslims from Bakai Bank

08 April 2024

"Bakai Bank has made another breakthrough in the banking services market. As the pioneer of the Islamic window in Kyrgyzstan, Bakai Bank has introduced a unique Islamic Finance module available on the BakAi mobile application. This solution complies with all Shariah standards and has no analogues in Kyrgyzstan.

The intuitive Islamic Finance feature in BakAi application guarantees customers full security, confidentiality of transactions and direct compliance with the norms of Islam. Bakai Bank's innovative product is distinguished by its well-thought-out functionality, ergonomic interface and concise design for convenient use.

Back in 2018, "Bakai Bank" established the first Islamic window "Islamic Financial Center" in Kyrgyzstan and the CIS, providing customers with access to a unique system of reliable financial products and services based on the principles of Shariah. Now these financial instruments can be used immediately after remote registration in the BakAi application. The Islamic Finance mode in the mobile banking provides for the possibility of making loans and opening deposits online.

Every financial instrument issued by the bank from the Islamic Finance category, including Visa and Elkard virtual cards of the IFC with instant issuance and free replenishment, complies with Shariah principles and ensures an honest, transparent and ethical relationship between the bank and the customer.

What are the advantages of the new product from "Bakai Bank"?

You will find unique products available within the Islamic Finance mode:

- Mudaraba Online is an investment product built on trust and co-management of funds with tangible returns. Your money will be used exclusively for Shari'ah-approved projects.

It only takes a few clicks 24/7 to start Mudaraba Online, which guarantees regular income and allows you to build savings for the future!

- Murabaha is an online product, through which you are able to purchase goods in installments - here and now - with the help of a bank! In doing so, the consumer has initial knowledge of the full cost of the purchase.

An important thing to remember is that Bakai Bank:

- has been leading Islamic Finance in the Kyrgyz Republic since 2018;
- established the Islamic Finance Center - the first Islamic window in Kyrgyzstan and CIS countries;
- has years of experience in the field of Islamic finance;
- the Shariah Council operates under the Bank, which consists of religious researchers and theologians recognized by the Muslim community of the KR, including religious scholar Mars Ibraev and theologian Kadyr Malikov, along with a specially invited expert on Islamic finance Aidar Zhanturin;
- the Islamic Financial Center of the Bank is supported by the Spiritual Administration of Muslims of Kyrgyzstan.

The introduction of innovative Shariah-compliant products in the banking sector of the Kyrgyz Republic demonstrates Bakai Bank's commitment to open, honest, fair and beneficial interaction with customers.

" Demand for Islamic Finance services is increasing rapidly in the Kyrgyz Republic, so the appearance of the mode with unique services is an important step in the development of the financial sector. "Bakai" became the first bank in the country to offer the Islamic Finance mode to its clients, outpacing in the development of banks not only in Kyrgyzstan, but also in the CIS countries," noted religious scholar Mars Ibraev. - The service allows you to make transfers, make charitable donations and enjoy other financial benefits that comply with Shariah norms".

"It is important that users of the mode would have peace of mind and be confident that they are making financial transactions in the name of Allah, in compliance with all the norms of Islam and the requirements of Shariah, which will have a beneficial effect on their overall well-being," Ibrayev emphasized.

Benefit from Bakai Bank's Islamic financial products and rest assured that your funds are working and managed in accordance with your religious beliefs. Don't miss the opportunity to turn everyday investments into profitable investments and loans into fair and affordable loans.

Join Bakai Bank and discover the trusted world of Islamic Finance with the BakAi app.