Developing partnership financing in the CIS countries: The experience of Kazakhstan and Kyrgyzstan

This article examines the development of Islamic finance in CIS countries. It provides a comparative analysis of institutional and regulatory frameworks, the degree of integration of Islamic financial instruments into national financial systems, and the role of international institutions in infrastructure development. Particular attention is paid to the experience of Kazakhstan, a country with the most developed legal and regulatory framework and functioning Islamic banks, and Kyrgyzstan, an example of the gradual introduction of Islamic finance into the national financial system. It concludes that limited awareness of Islamic finance market participants and insufficient institutional integration of CIS countries with the global Islamic financial system hinder the sector's growth.