Theoretical and Legal Aspects of the Formation and Development of Islamic Principles of Banking and Financing in the Kyrgyz Republic

This article describes the stages of formation and development of Islamic principles of financing in the Kyrgyz Republic, in terms of the formation of new financial levers. The review begins with the state of Islamic finance both in countries with the traditional religion of Islam and in Western countries (USA, UK, Luxenburg). The article analyzes the theoretical and legal foundations, which provide in-depth understanding of the ongoing processes in the Kyrgyz Republic. An overview is given of the development of the regulatory framework, stages of implementation, as well as the current state of the banking sector providing Islamic finance services in the Kyrgyz Republic. As a result, the article traces the idea of the possibility of a comfortable and progressive symbiosis of some elements of Islamic law and the current secular legislation of the Kyrgyz Republic, in particular in the field of finance.