RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of July 27, 2011 No. 40/7

About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic of March 2, 2006 No. 5/7 "About approval of the Provision "About Licensing of Activities of Banks", registered in the Ministry of Justice of the Kyrgyz Republic of April 7, 2006 No. 3406"

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

1. Approve changes and amendments in the resolution of Board of National Bank of the Kyrgyz Republic of March 2, 2006 No. 5/7 "About approval of the Regulations on licensing of activities of banks", registered in the Ministry of Justice of the Kyrgyz Republic of April 7, 2006 No. 34-06 (are applied).

2. This resolution becomes effective after one month after official publication.

3. After official publication to send to Legal department this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Zheenbayeva B. Zh.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of July 27, 2011 No. 40/7

Changes and amendments in the resolution of Board of National Bank of the Kyrgyz Republic of March 2, 2006 No. 5/7 "About approval of the Provision "About Licensing of Activities of Banks", registered in the Ministry of Justice of the Kyrgyz Republic of April 7, 2006 No. 34-06

Bring in the Provision "About Licensing of Activities of Banks" approved by the resolution of Board of National Bank of the Kyrgyz Republic of March 2, 2006 No. 5/7 "About approval of the Regulations on licensing of activities of banks", registered in the Ministry of Justice of the Kyrgyz Republic of April 7, 2006 No. 34-06 the following changes and amendments:

1. In the text of all Provision of the word "petition for licensing for the right of carrying out banking activities" and "Petition for Licensing" to replace with the following words: "petition for issue of preliminary permission to receipt of banking licenses".

2. To state the subitem 18 of Item 3.4 in the following edition: "the request for the introduction in system of protection of deposits.".

3. To exclude Item 3.6 of Chapter 3.

4. Add the Section II with Chapter 3-1 of the following content:

"Chapter 3-1

Procedure for provision and consideration of documents for creation of Islamic bank

3-1.1. After adoption by founders of the decision on creation of Islamic bank, for preparation of necessary documents for the purpose of receipt of the license for the right of carrying out banking activities, his founders shall determine the authorized person and can create organizational group for contacts with National Bank concerning provision of documents.

3-1.2. For receipt of consultations and acquaintance with procedures of licensing of banks, the authorized person can address to Department of licensing of banks of National Bank before the petition on creation of Islamic bank is provided.

3-1.3. For receipt of licenses for the right of carrying out banking activities according to the Islamic principles of banking and financing in national and foreign currencies, the applicant provides in National Bank the following authentic documents or their copies certified properly in the Kyrgyz and/or Russian languages:

1) the petition for issue of preliminary permission to receipt of banking licenses according to the Islamic principles of the banking and financing behind the authorized signature appointed general meeting of founders on appendix form 1;

2) the protocol of general meeting of founders (two copies of the copies certified notarially) containing the decision:

a) about creation of Islamic bank;

b) about approval of its name;

c) about election of members of Sharia Council and its chairman;

d) about approval of the Charter;

e) about appointment of board members, the chairman of the board and his deputies, statement of the chief accountant;

e) about approval of the business plan, organizational structure of bank, the balance estimation and plan of the income, expenses also arrived for the first three years of activities;

g) about approval of the authorized person and investment with its right of signing of the relevant documents;

3) the foundation agreement signed by all founders (two authentic copies). Signatures of authorized representatives of founders of legal entities, make sure seals of the legal entity. The signature of the founder - physical person makes sure notarially. Documents of the foreign applicant shall conform to requirements of Item 2.2 of Chapter 2 this provision. The list of data which need to be reflected in the foundation agreement (standard form) is given in Appendix 2;

4) Charter of bank (two authentic copies). The charter of bank (the standard form is given in Appendix 3), in addition to data, stipulated by the legislation, shall contain:

a) date and number of the solution of the constituent assembly on approval of the charter;

b) the complete and reduced trade name in the Kyrgyz and Russian languages conforming to the requirements established by regulatory legal acts to the bank name;

c) data on form of business and pattern of ownership of bank;

d) regulations on governing bodies of bank;

e) procedure for decision making by governing bodies of bank, including the list of questions on which the qualified majority of votes of shareholders is necessary;

e) data on the address (location) of bank;

g) regulations on fulfillment of requirements of the legislation of the Kyrgyz Republic if the branch of the foreign jar founded abroad is opened;

h) other provisions which are not contradicting the legislation of the Kyrgyz Republic, connected with features of activities of bank;

5) prior consent of authorized state body on registration of legal entities about use of the declared trade name;

6) detailed organizational structure of bank;

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