As of December 31, 2024, Islamic financing in Kyrgyzstan reached KGS 9 bn (approximately $103 mln), reflecting a 49.3% increase since the start of the year. This growth shows a clear trend toward the adoption of Islamic finance principles across the country. The information comes from the National bank of the Kyrgyz Republic.
The mortgage sector received the largest share of Islamic financing. It amounted to KGS 3.2 bn (around $36.5 mln), representing a significant 213.9% increase. Following mortgages, consumer financing reached KGS 1.6 bn (approximately $18.2 mln), which marked a 37% decrease from the previous period. On the other hand, agricultural financing grew to KGS 1.3 bn (around $14.8 mln), reflecting a 109.5% increase.
Islamic financing for trade amounted to KGS 1 bn (approximately $11.4 mln), up by 40.2%. The construction sector saw modest growth, with financing reaching KGS 500 mln (around $5.7 mln), a 1% increase. Furthermore, financing for industry totaled KGS 300 mln (about $3.4 mln), reflecting a 93.8% increase. Financing for other purposes reached KGS 1 bn (around $11.4 mln), showing a 128.2% growth.
By the end of 2024, Kyrgyzstan had 21 commercial banks, with 304 operational branches. Of these, five banks offered services based on Islamic finance principles. These banks facilitated transactions in both local and foreign currencies. The increase in Islamic financing reflects a broader trend toward inclusive financial services.
