Simmons & Simmons to advise Kyrgyzstan on Sukuk and Takaful

(L to R) – Muneer Khan and H.E. Tayirbek Sarpashev

Simmons & Simmons and the Kyrgyz Republic have signed a ground-breaking agreement to provide consultancy services for the development of laws and regulations, supporting the introduction of Takaful (Islamic insurance) and Sukuk (Islamic securities) in the Kyrgyz Republic. The consultancy services to be provided by Simmons & Simmons are to be funded under a technical assistance grant provided by the Islamic Development Bank (IDB).

The agreement with Simmons & Simmons was signed by the State Service for Regulation and Supervision of Financial Markets, on behalf of the Kyrgyz Republic. 

First Vice Prime Minister of the Kyrgyz Republic, H.E. Tayirbek Sarpashev, noted that upon the signing of this Agreement, the Government will begin a new phase in the introduction and expansion of Islamic finance principles in Kyrgyzstan. He commented that "the government expects the economy to attract large investments that will favourably affect the development of the financial market and banking sector."

The Simmons & Simmons team is led by Muneer Khan, assisted by managing associate Tariq Hameed.