EcoIslamicBank

What EcoIslamicBank does

EcoIslamicBank (ЗАО «ЭкоИсламикБанк») is the first Islamic bank in Kyrgyzstan and Central Asia, operating under License No. 01-IB issued by the National Bank of the Kyrgyz Republic. Founded in 1998 as EcoBank, the institution launched an Islamic banking pilot in April 2007 and was officially rebranded to EcoIslamicBank in January 2010, transitioning to a Sharia-compliant operating model. The bank maintains a Sharia Council that has issued 17 consecutive annual compliance certifications (2008-2024), and operates a network of 10+ branches and 77 savings offices covering 5 of 7 regions of Kyrgyzstan, with its headquarters at Geologichesky Lane 17, Bishkek.

The bank's core technology and product platform is built around Islamic finance contracts — Murabahah (cost-plus installment sale), Mudarabah (profit-sharing investment), Ijara (leasing), Musharaka (partnership), and Kafala (guarantee) — rather than interest-based instruments. The financing portfolio spans consumer credit up to 300,000 KGS, auto financing up to 5 years, mortgages up to 7 years, agricultural financing, and SME business development loans denominated in KGS and USD. Revenue is generated through Murabahah markups, Mudarabah deposit spreads (with profit-share yields up to 15.42% for legal entities and 13.88% for individuals in KGS), transaction fees on SWIFT transfers (USD, EUR, RUB, KZT, CNY), card services, and correspondent banking commissions earned through relationships with Harbin Bank (China), Bank CenterCredit (Kazakhstan), MBA-Moscow (Russia), Bank Islam Malaysia Berhad, and Raiffeisenbank Moscow. The Elkart Business card and Elkart Trade QR-code payment acceptance app provide a Sharia-compliant digital payment infrastructure targeting SMEs and individual entrepreneurs.

The bank serves three primary customer segments — individual retail customers seeking ethical, interest-free banking; SMEs and legal entities requiring compliant business financing, international settlement, and merchant payment acceptance; and agricultural sector clients in rural regions. Distribution is multi-channel, combining the physical branch network with digital self-service portals (eib.kg, new.eib.kg), QR-code merchant acceptance infrastructure, and cross-border money transfer partnerships spanning 12 CIS countries. The institution also runs Barakat Educational Center, the only Islamic finance training institution in the CIS, and operates as a closed joint-stock company (ЗАО) that announced 2025 dividend distributions, indicating sustained profitability.

Name

EcoIslamicBank

Legal name

Закрытое Акционерное Общество «ЭкоИсламикБанк» (ЗАО «ЭкоИсламикБанк»)

Website

https://eib.kg

Company type

Private

Founded year

1998

Operating status

Operating

Short description

EcoIslamicBank is the first Islamic bank in Kyrgyzstan and Central Asia, licensed by the National Bank of the Kyrgyz Republic. Operating 10+ branches and 77 savings offices, it provides Sharia-compliant financing, investment deposits, and multi-currency payment services to retail and SME customers.

Ownership category

akta.pro rank

Product category

Islamic Banking

NAICS

Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Islamic SME & Commercial Banking (FSABAGAB)

akta.pro secondary industries

Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF), Islamic Investment Banking & Capital Markets Services (FSABAGAG), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI)

Keywords

• Islamic banking services
• Sharia-compliant financing
• Mudarabah profit-sharing deposits
• Murabahah installment financing
• Retail and SME banking

Headquarters

HQ city

Bishkek

HQ country

Kyrgyzstan

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Murabahah Financing (Markup/Installment Sales): The bank purchases goods or assets requested by a customer and resells them in installments with a pre-agreed markup. Revenue is generated from the markup/spread between the purchase price and the selling price to the customer. This is the primary financing product, accounting for the majority of Islamic financing transactions (~83-88% of Islamic financing by volume). Products include consumer financing up to 300,000 soms, auto financing up to 5 years, agricultural financing, business development financing, and mortgages up to 7 years.
2. Mudarabah Investment Deposits: Attracts customer funds on fixed terms, investing exclusively in Sharia-compliant business. Profit is shared between the bank and depositor according to agreed ratios (varies by tenor and deposit type). For legal entities, yields reach up to 15.42% annually in KGS (December 2025 results). For individuals/IPs, yields up to 13.88% annually in KGS. USD deposits yield up to 3.91% annually. This is a cost-of-funds mechanism where the bank's margin comes from the spread between financing returns and depositor profit share.
3. Banking Fees and Commissions: Fee income from account opening and maintenance, SWIFT transfers (with promotional 0% offers for CNY and in certain branches), plastic card issuance and maintenance, cash operations, and currency exchange. Individual accounts, corporate accounts, and payment card services generate recurring transaction-based fees.
4. Correspondent Banking Services: Revenue from correspondent banking relationships and international settlement services, including currency conversion and cross-border transfers in KZT (via Bank CenterCredit), CNY (via Harbin Bank), RUB (via MBA-Moscow), and Malaysian Ringgit (via Bank Islam Malaysia).
5. Money Transfer Services: Commission income from money transfer systems including Zolotaya Korona, Leader, and Быстрая Почта. EcoIslamicBank is a member of multiple transfer networks covering 12 CIS countries with over 5,500 points of service.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

EcoIslamicBank is the first Islamic bank in Kyrgyzstan and Central Asia, licensed by the National Bank of the Kyrgyz Republic (License No. 01-IB). It provides Sharia-compliant banking products built on Islamic contracts (Murabahah, Mudarabah, Ijara, Musharaka, Kafala), offering consumer, auto, mortgage, agricultural, and business financing alongside profit-sharing Mudarabah investment deposits, payment cards, SWIFT international transfers, currency exchange, and money transfer services through a branch network across Kyrgyzstan.

Product overview

EcoIslamicBank (ЗАО «ЭкоИсламикБанк») is the first Islamic bank in Kyrgyzstan and Central Asia, operating under license №01-ИБ from the National Bank of the Kyrgyz Republic. The bank offers a comprehensive suite of Sharia-compliant financial products centered around Islamic financing contracts (Murabahah, Mudaraba) and investment deposits. The core product portfolio includes consumer, auto, mortgage, agricultural, and business financing based on profit-sharing rather than interest principles, complemented by investment deposit products with yields up to 15.42%. Digital services feature the Elkart payment card ecosystem including the Elkart Trade QR payment application, SWIFT international transfers supporting 5 currencies, and account services across 6 currencies. The bank serves both retail and corporate clients through its branch network across Kyrgyzstan.

Differentiator

Problem solved

Functional benefit

Brands

• Элкарт Бизнес: Sharia-compliant business banking card for legal entities and individual entrepreneurs, enabling QR-code payments and business account access.
• Элкарт Трейд
• Мудараба
• Мурабаха

Products and services

• Mudarabah Investment Deposits (Неограниченная Мудараба) Sharia-compliant term deposits based on Mudarabah (profit-sharing) principles. The bank invests depositor funds in Sharia-permitted business and distributes profits between bank and depositor according to agreed ratios. Available in KGS (up to 13.20% annualized), USD (up to 3.91%), and RUB. For individuals and legal entities.
• Mudarabah with Top-ups for Legal Entities Investment deposit for businesses with flexible top-up contributions and monthly profit payouts. Annual yield up to 15.42% in KGS for 12-month deposits. Minimum deposit from 10,000 KGS, terms from 2 to 60 months.
• Murabahah+ Consumer Financing Consumer installment financing under Murabahah (cost-plus sale) where the bank purchases goods at the client's request and resells them in installments with a pre-agreed markup. Up to 24 months, up to 100,000 KGS without income verification. No penalties for early repayment.
• Auto Financing Sharia-compliant vehicle financing for individuals and SMEs, up to 5 years, from 100,000 KGS. Promotional campaigns offer initial down payments from 0% and markups from 11.2% for 1-year terms.
• Mortgage Financing Islamic real estate financing up to 7 years, from 500,000 KGS, based on Sharia-compliant contracts without interest charges.
• Agricultural Financing Financing for the agricultural sector up to 5 years from 10,000 KGS, covering seasonal working capital, livestock, crop production, and special/agricultural machinery.
• Business Development Financing Business expansion financing up to 5 years, available in KGS and USD, from 10,000 KGS, supporting entrepreneurs in Sharia-compliant ventures including construction materials and equipment.
• Elkart Business Card and Elkart Trade QR Payment Acceptance Sharia-compliant business payment card for legal entities and individual entrepreneurs, paired with the Elkart Trade Android app enabling QR-code payment acceptance. Free card issuance, free first-year service, free cash withdrawal. Helps merchants comply with Kyrgyzstan's 2026 ban on personal payment instruments for business use.
• SWIFT International Transfers International wire transfers via the SWIFT network supporting USD, EUR, RUB, KZT, and CNY (and MYR via Bank Islam Malaysia Berhad). Special promotional 0% commission on CNY transfers and free SWIFT transfers in southern branch offices.
• Account Opening and Settlement/Cash Services Bank account opening and maintenance for individuals and legal entities in KGS, USD, EUR, RUB, KZT, and CNY, plus settlement and cash services for corporate clients.
• Cross-Border Money Transfers Money transfer services via Bystraya Pochta (12 CIS countries, 5,500+ service points), Zolotaya Korona (Golden Crown), and Leader systems in USD, EUR, and RUB.
• Currency Exchange Operations Foreign currency buy/sell operations for individuals and legal entities in KGS, USD, EUR, RUB, KZT, and CNY with both cash and non-cash rates; individual rates negotiable at branches for amounts of 40,000 KGS or equivalent and above.
• Safe Deposit Boxes

Quantifiable outcome

• Up to 15.42% annual profit share on 12-month Mudarabah deposits in KGS for legal entities (December 2025 results), outperforming conventional bank deposit rates
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Bank Islam Malaysia Berhad (Malaysia)coreTechnology or Integration · 1 January 2010Correspondent banking relationship established in January 2010. EcoIslamicBank became the first and only bank in Kyrgyzstan able to conduct settlements in Malaysian Ringgit (MYR) — 10 MYR = 2.8965 USD. This partnership extends the bank's international Islamic banking network to Southeast Asia.
• Payment Center (RNCF) — РНКО 'Платежный Центр' (Russia)minorChannel Partner/ Reseller/ Distributor · 1 January 2010Non-credit financial organization for payment and settlement services, expanding the bank's reach for cross-border payment operations with Russia.
• GTZ — German Society for Technical CooperationcoreOthers · 1 December 2009Technical assistance provider to the National Bank of Tajikistan for Islamic banking training courses conducted at EcoIslamicBank. GTZ (implemented by Rainer Schlive, Regional Program Manager for Microfinance Support in Central Asia) facilitated the training program delivered by EcoIslamicBank staff and the Barakat Educational Center.
• Harbin Bank Co., LTD (China)coreTechnology or IntegrationCorrespondent banking relationship enabling SWIFT transfers in Chinese Yuan (CNY). EcoIslamicBank can process CNY transfers to and from China. SWIFT code: HCCBCNBH. Beneficiary account at Harbin Bank enables international settlements for trade between Kyrgyzstan and China.
• Bank CenterCredit (Kazakhstan)coreTechnology or IntegrationCorrespondent banking relationship for Kazakh Tenge (KZT) settlements. SWIFT: KCJBKZKX. Enables KZT transfers and currency operations between Kyrgyzstan and Kazakhstan.
• MBA-Moscow Bank (Russia)coreTechnology or IntegrationCorrespondent banking relationship for Russian Ruble (RUB) settlements. Enables RUB transfers for trade and personal remittances between Kyrgyzstan and Russia. Correspondent account: 30111810400000003629 at MBA-Moscow.
• Zolotaya Korona (Golden Crown) Payment System (Russia)coreChannel Partner/ Reseller/ DistributorMember of the Russian Zolotaya Korona payment system since approximately 2009. Offers money transfer services ( Быстрая Почта express transfers) to 12 CIS countries with over 5,500 service points. Transfers available in USD, EUR, and RUB.
• Leader Money Transfer SystemcoreChannel Partner/ Reseller/ DistributorMember of the Leader international money transfer system. Named among the best partners of the Leader system in 2009. Provides international money transfer services across the CIS region.
• Educational Center 'Barakat' (Kyrgyzstan)coreStrategic or Co-development PartnerThe only educational institution in the CIS territory specializing in training qualified personnel in Islamic finance. EcoIslamicBank staff serve as instructors for the center. The center provides theoretical and practical training in Islamic banking principles including Sharik, Musharaka, Mudarabah, Murabahah, Ijara, Card Hasan, and Wadi'ah Yad Daman. The bank has trained delegations from Tajikistan's National Bank through this center.
• Retail and Merchant Partners (Kyrgyzstan)coreChannel Partner/ Reseller/ DistributorPartnership network of retailers and merchants in Bishkek, Osh, and Manas offering Murabahah consumer financing. Merchants sell goods through the bank's Islamic financing mechanism, enabling installment purchases without interest. Partners receive financing facilitation and access to the bank's customer base.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Kuwait Finance House: One of the largest Islamic banks globally, offering Murabahah, Ijara, Mudarabah, and investment banking products. Comparable as a full-service Sharia-compliant bank with similar product architecture, though operating at significantly larger scale with broader product and geographic diversification.
• Halyk Bank: Largest bank in Kazakhstan and Central Asia, offering comprehensive retail, corporate, and Islamic banking services. Comparable as the dominant regional banking incumbent with similar cross-border CIS operations, though at much greater scale and broader product suite.
• Al Baraka Banking Group: Bahrain-based international Islamic banking group operating across multiple geographies with full Sharia-compliant product suites. Comparable as an established Islamic banking franchise with regional presence, but at much larger scale and broader geographic footprint than EcoIslamicBank.
• Dubai Islamic Bank: UAE's first Islamic bank, offering comprehensive Sharia-compliant retail, corporate, and investment banking. Comparable as a pioneer Islamic commercial bank with similar founding-era narrative, but at much greater scale and serving a more developed economy.

Direct peers

• Bank Islam Malaysia Berhad: Malaysian Islamic commercial bank and direct correspondent partner of EcoIslamicBank for MYR settlements. Comparable as a full-fledged Sharia-compliant commercial bank offering Murabahah, Mudarabah, and similar Islamic financing products to retail and SME customers.
• Meezan Bank: Pakistan's leading Islamic bank, offering Murabahah, Ijara, and Mudarabah products to retail and SME segments. Comparable as a dedicated Islamic commercial bank operating under a Sharia board with similar product mix and customer base orientation.
• Bank Muamalat Malaysia: Malaysian Islamic commercial bank offering full Sharia-compliant product suite including Murabahah and Mudarabah. Comparable as a mid-scale Islamic bank serving retail and SME customers in a multi-ethnic market, with similar Sharia governance model.

Regional players

• Kyrgyz Investment and Credit Bank (KICB): One of the largest private banks in Kyrgyzstan, offering conventional and Islamic banking products. Direct domestic peer operating in the same geographic market with overlapping retail and SME customer segments, though not exclusively Sharia-compliant.
• RSK Bank (Kyrgyzstan): Major Kyrgyz commercial bank serving retail and corporate customers. Domestic peer with overlapping branch footprint and similar customer segments, providing useful comparison for deposit pricing, financing margins, and digital banking offerings.
• Optima Bank (Kyrgyzstan): Domestic Kyrgyz commercial bank providing retail and SME banking. Regional peer operating in the same market and serving similar retail/SME segments, useful for benchmarking on deposit rates, branch economics, and digital banking adoption.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ecoislamicbank
• Facebookfacebook.com/ecoislamicbank
• Instagraminstagram.com/ecoislamicbank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EcoIslamicBank