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Al Baraka Group, Kyrgyzstan-based BTA Bank sign MOU to develop Islamic banking

Kyrgyzstan-based CJSC BTA Bank and Bahrain-based Al Baraka Banking Group BSC signed a memorandum of understanding to develop Islamic financial services in Kyrgyzstan.

BTA Bank will receive assistance to raise awareness of Islamic banking and introduce Islamic banking services, the Kyrgyz lender said July 27.

Al Baraka will also help BTA Bank to identify and select an automated banking system compatible with Islamic banking services, develop regulatory documents and ensure Shariah law-related training for BTA Bank's staff.