LAW OF THE KYRGYZ REPUBLIC

of December 14, 2023 No. 207

About introduction of amendments to the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on October 26, 2023

Article 1.

Bring in the Law of the Kyrgyz Republic "About protection of bank deposits (deposits)" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2008, No. 5, the Art. 453) the following changes:

The second preambles the word "financial" to replace 1) in the offer with the word "bank";

Part 3 of Article 1 to state 2) in the following edition:

"3. Operation of this Law extends to banks, microfinance companies and the housing and savings credit companies regarding execution by the Agency on protection of deposits of function on payment of compensation for the deposit. Provisions of this Law extend to other financial credit institutions only in the cases provided by this Law.

To the banks and microfinance companies performing activities according to the Islamic principles of banking and financing, regulations of this Law are applied taking into account the specifics and features provided by the regulatory legal acts of the Kyrgyz Republic regulating the Islamic principles of banking and financing.";

3) in Article 2:

a) add with the paragraph the fifth the following content:

"The Islamic principles of banking and financing - the principles and rules of banking operations and transactions according to standards of Sharia.";

b) to state the paragraph of the seventh in the following edition:

"Microfinance company - the specialized financial credit institution created in the form of joint-stock company, which obtained the license of National Bank and performing microcredit of legal entities and physical persons and other transaction types, including attraction of term deposits from physical persons and legal entities.";

c) the tenth to add the paragraph with the offer the second the following content: "The contribution is also understood as the electronic money emitted by bank which holders are physical persons and individual entrepreneurs.";

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