RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 31, 2017 No. 21/10

About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Make changes and additions to the following regulatory legal acts of National Bank of the Kyrgyz Republic it (is applied):

- the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Corporate Management in the Banks of the Kyrgyz Republic Performing Transactions according to the Islamic Principles of Banking and Financing" of November 30, 2011 No. 67/9;

- paragraph third ceased to be valid;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Transactions Performed according to the Islamic Principles of Banking and Financing" of September 23, 2009 No. 38/8;

- the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Requirements to the Standard Agreements Signed according to the Islamic Principles of Banking and Financing" of September 30, 2009 No. 39/4;

- the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Realization of the Islamic Principles of Financing in the Kyrgyz Republic within Pilot Project" of October 30, 2006 No. 32/2;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Transactions Performed by the Microfinancial Organizations and Credit Unions according to the Islamic Principles of Banking and Financing" of October 26, 2011 No. 60/8;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing" of October 23, 2013 No. 39/9;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Classification of Assets and the Corresponding Allocations to Reserve on Covering of Potential Losses and Losses by the Microfinancial Organizations Performing Transactions according to the Islamic Principles of Banking and Financing" of September 24, 2014 No. 42/8;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval "Regulations on classification of assets and the corresponding allocations to reserve on covering of potential losses and losses in the credit unions performing transactions according to the Islamic principles of banking and financing" of April 23, 2014 No. 16/3.

2. This resolution becomes effective since June 22, 2017.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. To management of methodology of supervision and licensing to bring this resolution to the attention of the operating commercial banks, the microfinancial organizations, credit unions, their associations (associations), JSC Finance Company of Credit Unions, OYuL "Association of Islamic Finance", OYuL "Union of Banks of Kyrgyzstan", regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

5. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic T.Dzh. Dzhusupova.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of May 31, 2017 No. 21/10

Changes and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic

1. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Corporate Management in the Banks of the Kyrgyz Republic Performing Transactions according to the Islamic Principles of Banking and Financing" of November 30, 2011 No. 67/9" the following changes and amendments:

in the Provision "About Corporate Management in the Banks of the Kyrgyz Republic Performing Transactions according to the Islamic Principles of Banking and Financing" approved by the above-stated resolution:

- state Item 1 in the following edition:

"1. This Provision extends to the banks performing transactions according to the Islamic principles of banking and financing including the banks having "Islamic window" (further - banks).

Effective corporate management in banks is one of the most important conditions of ensuring stable development of separate banks and bank system in general.

For the purposes of this provision the following determinations are used:

- investment accounts are customer accounts in which the funds raised by bank on the basis of the agreement of mudarab are reflected. Depending on agreement type of mudarab the investment account can be unrestricted or limited;

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