RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 21, 2023 No. 63

About modification and amendments in some resolutions of Board of National Bank of the Republic of Kazakhstan concerning conducting financial accounting by the Islamic financial organizations

The board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the List of some resolutions of Board of National Bank of the Republic of Kazakhstan to which changes and additions concerning conducting financial accounting by the Islamic financial organizations are made (further – the List), according to appendix to this resolution.

2. To accounting department (Tayshibayeva D. A.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal department (Kosbayev N. K.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Sholpankulov B. Sh.

4. This resolution is subject to official publication and becomes effective since December 1, 2023.

Appendix

to the Resolution of the Chairman of National Bank of Kazakhstan of August 21, 2023 No. 63

The list of some resolutions of Board of National Bank of the Republic of Kazakhstan to which changes and additions concerning conducting financial accounting by the Islamic financial organizations are made

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of January 31, 2011 No. 3 "About approval of the Standard chart of accounts of financial accounting in banks of the second level, the mortgage organizations, Development Bank of Kazakhstan joint-stock company and branches of banks - nonresidents of the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 6793) the following amendments:

in the Standard chart of accounts of financial accounting in banks of the second level, the mortgage organizations, Development Bank of Kazakhstan joint-stock company and branches of banks - nonresidents of the Republic of Kazakhstan, approved by the specified resolution:

in Chapter 2:

in paragraph 2:

after account 2728 to add with the account 2729 following contents:

in paragraph 5:

after account 5237 to add with the account 5238 following contents:

in Chapter 3:

in paragraph 1:

after account 2728 to add with the account 2729 following contents:

"2729. Obligations on payment of part of the income for investment deposits (passive).

Purpose of the account: Accounting of the amounts of obligations on payment of part of the income for investment deposits according to the agreement on the investment deposit.

On the credit of the account the amounts of obligations on payment of part of the income for investment deposits are carried out.

On the debit of the account write-off of the amounts of obligations on payment of part of the income for investment deposits is carried out.";

after account 5237 to add with the account 5238 following contents:

"5238. Expenses on payment of part of the income for the investment deposit (active).

Purpose of the account: Accounting of expense amounts on payment of part of the income for the investment deposit according to the agreement on the investment deposit.

On the debit of the account expense amounts, connected with payment of part of the income for the investment deposit are carried out.

On the credit of the account write-off of the amounts of the incurred expenses on the balance sheet account No. 4999 is carried out.".

2. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of May 27, 2015 No. 83 "About modification of the resolution of Board of National Bank of the Republic of Kazakhstan of July 1, 2011 No. 68 "About approval of the Instruction for conducting financial accounting by certain subjects of the financial market" and approval of the Instruction for conducting financial accounting of transactions on insurance and reinsurance by the Islamic insurance (reinsurance) organizations and branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan (the following change is registered in the Register of state registration of regulatory legal acts at No. 11653):

To be reworded as follows the instruction for conducting financial accounting of transactions for insurance and reinsurance by the Islamic insurance (reinsurance) organizations and branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan approved by the specified resolution according to appendix to this List of some resolutions of Board of National Bank of the Republic of Kazakhstan to which changes and additions concerning conducting financial accounting by the Islamic financial organizations are made.

3. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of March 27, 2017 No. 46 "About modification and amendments in the resolution of Board of National Bank of the Republic of Kazakhstan of January 31, 2011 No. 3 "About approval of the Standard chart of accounts of financial accounting in banks of the second level, the mortgage organizations and Development Bank of Kazakhstan joint-stock company and approval of the Instruction for conducting financial accounting by Islamic banks" (the following amendment is registered in the Register of state registration of regulatory legal acts at No. 15117):

in the Instruction for conducting financial accounting by Islamic banks approved by the specified resolution:

add with Chapter 2-1 of the following content:

"Chapter 2-1. Financial accounting of transactions of investment deposits of the obligations corresponding to recognition criteria according to International accounting standards

45-1. In case of acceptance of the investment deposit by bank from physical person or legal entity under the contract on the investment deposit for amount of money, accepted under the agreement of the investment deposit, the following accounting entries are performed:

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