OREANDA-NEWS.  July 09, 2014. Kompanion Invest, a subsidiary company of Kompanion Financial Group, was shortlisted to the final round of the Islamic Microfinance Challenge in June 2014.
 
As an increasing number of financial institutions enter the Islamic financial sector, the need for innovative financial products is growing. In order to encourage and expand innovative Shari’a compliant financial product development, CGAP, the Islamic Development Bank, Al Baraka Banking Group and Triple Jump organized the Islamic Microfinance Challenge.

“Islamic financial institutions offer innovative methods, new products or services within the Islamic microfinance sector. Kompanion Invest presented a new investment product “mudaraba.” The financial product is designed so that the organization and the client co-invest in the business venture and share the subsequent profits or losses,” commented Marlis Duishegulov, Kompanion Invest Microcredit LLC Board Chair.

This year the sponsors received entries from financial institutions in 11 countries. The winner was Wasil Foundation, based in Pakistan, who shared their innovative, seasonal product package focused on agricultural finance. The Bank of Khartoum, based in Sudan, and Kompanion Invest, based in Kyrgyzstan were also chosen as finalists.
 
”Thanks to this contest, Kompanion Invest has been introduced to the international Islamic microfinance Market,” said Duishegulov.

“Reputation and image are very important in the field of Islamic finance. Respected Islamic financial institutions all over the world should ensure that the organization works according to Shari’a standards. This contest was a great way to introduce Kompanion Invest to the global financial sector. Sponsors and participants are now aware that there is such an organization in Kyrgyzstan,” he concluded.