Friday, February 13, 2009

Kyrgyz MPs pass bills on Islamic banking

Trend News Agency:Kyrgyz members of parliament adopted bills on Islamic banking, Public Relations Department official Emil Niyazov said.

Niyazov said National Bank Chairman Marat Alapayev introduced three bills at the parliamentary meeting to increase the bank's authorized capital to one billion soms.

Islamic banking refers to a system consistent with the principles of Islamic law. It prohibits investing in businesses such as tobacco, alcohol, arms trade and gambling.

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