Kompanion Invest received a certificate of the NBKR on compliance with Islamic principles of banking and financing

KompanionKompanion Invest Microcredit Company received a certificate of the National Bank of the Kyrgyz Republic on compliance with Islamic principles of banking and financing (No. 352-4/534 dated July 22, 2016).

Established in 2011, Kompanion Invest Microcredit Company is a subsidiary of Kompanion Bank CJSC. The company operates under the Shari’a standards that do not allow imposing interest rates on loans. A client and the financial institution share profit and losses, while all transactions are based on Islamic ethical norms.

As per the Law of the Kyrgyz Republic “On microfinance organizations in the Kyrgyz Republic,” Kompanion Invest provides approachable microfinance services to reduce poverty and facilitates the development of entrepreneurship in our country, too.

You will recall that in November 2013 Kompanion Invest Microcredit Company became one of the three finalists of the international competition Islamic Microfinance Challenge 2013. In 2015, the company completed the process of introducing Shari’a, accounting and audit standards for Islamic financial institutions.

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