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March 27, 2023

RESOLUTION OF THE IBIF-2023 FORUM



Adopted on March 13, 2023 in the city of Bishkek of the Kyrgyz Republic by the participants of the Round

table "Opportunities and prospects for the development of Islamic business and investment"

We, the participants of the First Bishkek Forum "Islamic Business and Investments-2023",

Reaffirming their interest in the socio-economic development of countries

Central Asia, emphasizing that the accumulated centuries-old experience

the principles of doing business and the Islamic financial system deserves its wide application, appealing to all interested parties, as well as to the legislative and executive authorities of the countries of Central Asia, we consider it extremely appropriate and urge:


1. Develop and adopt the laws that are urgently needed today: “On the fundamentals of the Waqf”, “On the implementation of partner financing activities”, and “On organizations engaged in partner financing activities (OPF)”. Partnership funding will in no way restrict the constitutional rights and freedoms of citizens.

2. Make the necessary changes and additions to the existing Laws: "On investments", "On charitable activities" and "On insurance based on Islamic principles - Takaful".

3. Under the Ministry of Economy and Commerce of the Kyrgyz Republic, create the "International Advisory Council on Islamic Business and Investments (ICSIBI)", which will monitor and develop recommendations on creating favorable conditions for attracting investments and innovative development of the economy, as well as promoting the implementation and effective use Islamic principles in the implementation of Islamic investment projects in various spheres of life of our countries.

4. With the participation of interested countries and international organizations, create the "International Islamic Development Fund" to support and develop the economies of the countries of Central Asia and the Middle East.

5. To promote in every possible way the creation of "Halal Certification Centers" in Central Asia, for which to summarize experience and conclude Memorandums on the exchange of experience and close cooperation with successfully operating Halal centers of the Arab countries, as well as to contribute to the formation of a favorable environment for international trade in goods and products that have passed halal certification.

6. Create in the countries of Central Asia centers for training personnel - specialists in Sharia, Halal standards and doing business according to Islamic principles.

7. With the equity participation of the banks of the Arab countries and local shareholders, create an "Islamic Investment Bank" in Kyrgyzstan, and subsequently in all countries of Central Asia. This bank should work exclusively on Islamic principles.

8. Create an international Kyrgyz-Saudi Business Council (KSBC), which will integrate and expand business ties between entrepreneurs of the Kingdom of Saudi Arabia and the Kyrgyz Republic.

9. Hold annual exhibitions of Islamic investments and trade in the Kyrgyz Republic in cooperation with the Arab-Turkish trade organization to develop business exchanges in various fields between Islamic countries and Central Asia (trade, industry, agriculture, tourism).

10. Support the practical implementation of the socio-economic, charitable and investment projects presented at the Forum on Islamic principles.

11. Take additional measures at the state level to facilitate visa regimes with Arab countries for entrepreneurs from Central Asian countries.

12. Hold an annual “Islamic Business and Investment Forum” with the participation of all interested parties. Preparations for the next IBIF-2024 Forum should begin now, for which, at the first stage, form the Organizing Committee-2024, which will include representatives of the countries of the Middle East, Central Asia and the authorities of the participating countries.

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