of March 27, 2009 No. 54
About establishment of requirements to creation and activities of Islamic special finance company
According to Item 1 of article 32-6 of the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:
1. The Islamic special finance company (further - the Company) is created in form of business of joint-stock company or limited liability partnership.
The decision on creation of the Company is made by the board of directors of originator if other is not established by legal acts of the Republic of Kazakhstan or the charter of originator.
In the Company created in the form of limited liability partnership, administrative functions can be assigned as like as two peas if, trust management of the allocated company assets is exercised of originator.
Expenses on creation, functioning and liquidation of the Company are born by originator.
2. Payment of shares (shares in the authorized capital) the Companies is performed by money.
Release and placement of Islamic securities is performed after payment by founders of shares (shares in the authorized capital) the Companies.
Islamic securities in this resolution are understood as Islamic rent certificates and Islamic participation certificates.
3. The company does not perform business activity, except for the activities connected with:
release, placement, the address, repayment of Islamic securities, and also investment of the means received from placement of Islamic securities according to the procedure and on the conditions established by the prospectus of release of Islamic securities;
the property management constituting the allocated company assets.
4. The company does not provide guarantee according to obligations of the third parties.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions. This section provides answers to questions set by users.