LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 22, 2011 No. 475-IV ZRK

About modification and amendments in some legal acts of the Republic of Kazakhstan concerning the organization of Islamic financing

Article 1. Make changes and additions to the following legal acts of the Republic of Kazakhstan:

1. In the Budget code of the Republic of Kazakhstan of December 4, 2008 (The sheet of Parliament of the Republic of Kazakhstan, 2008, No. 21, Art. 93; 2009, No. 23, Art. 112; No. 24, Art. 129; 2010, No. 5, Art. 23; No. 7, Art. 29, 32; No. 15, Art. 71; No. 24, Art. 146, 149, 150; 2011, No. 2, Art. 21, 25; No. 4, Art. 37; No. 6, Art. 50; No. 7, Art. 54):

The subitem 58) of Item 1 of Article 3 to state 1) in the following edition:

"58) the government issued security - the issued security certifying the rights of her holder concerning loan in which act as the borrower the Government of the Republic of Kazakhstan, National Bank of the Republic of Kazakhstan and local executive bodies, or certifying the rights of her holder to receipt of the income from use of assets based on the agreement of the sublease;";

Item 3-1 of Article 206 to state 2) in the following edition:

"3-1. The government of the Republic of Kazakhstan performs release of the government issued securities in the form of the state treasury obligations or the government Islamic securities.

The state treasury obligation is the government issued security certifying the rights of her holder concerning loan in which the Government of the Republic of Kazakhstan acts as the borrower.

The government Islamic security is the government issued security certifying the rights of her holder to receipt of the income from use of assets based on the agreement of the sublease.

The government Islamic security is issued according to the decision of the Government of the Republic of Kazakhstan according to the basic principles of Islamic financing established according to the legislation of the Republic of Kazakhstan on the security market.".

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