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RESOLUTION OF THE FORUM "IBIF-2023"

Updated: Apr 6, 2023

Adopted on March 13, 2023 in Bishkek, 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 Investment-2023",

confirming our interest in the socio-economic development of the Central Asian countries,

emphasizing that the accumulated centuries-old experience of the principles of doing business and the Islamic financial system deserves its wide application,

addressing all interested parties, as well as legislative and executive bodies the authorities of the Central Asian countries,

we consider it extremely expedient and urge:


1. To develop and adopt the Laws that are urgently needed today: "On the foundations of the Waqf", "On the implementation of partner financing activities", and "On organizations engaged in partner financing Activities (OPF)". Partner financing will in no way restrict the constitutional rights and freedoms of citizens.


2. To make the necessary amendments and additions to the existing Laws: "On Investments", "On charitable activities" and "On insurance according to Islamic principles – Takaful".


3. To create an "International Advisory Council on Islamic Business and Investment (ICSBI)", which will monitor and develop recommendations on creating favorable conditions for attracting investment and innovative economic development, as well as promote the introduction and effective use of 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 an "International Islamic Development Fund" to support and develop the economies of Central Asia and the Middle East.


5. To contribute in every possible way to the creation of "Halal certification centers" in Central Asia, for which to summarize experience and conclude Memoranda on the exchange of experience and close cooperation with successfully operating Halal centers of 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 centers in Central Asian countries for training specialists in Sharia law, Halal standards and doing business according to Islamic principles.


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


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


9. To hold annual exhibitions of Islamic investments and trade in the Kyrgyz Republic in cooperation with the Arab-Turkish Trade Organization for the development of business exchange in various fields between Islamic countries and Central Asia (trade, industry, agriculture, tourism).


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


11. To take additional measures at the state level to facilitate visa regimes with Arab countries for entrepreneurs of Central Asian countries.


12. To 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, an Organizing Committee-2024 should be formed, which includes representatives of the Middle East, Central Asia and the authorities of the participating countries.

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