of October 28, 1999 No. 117
About credit unions
Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on September 30, 1999
This Law determines legal and economic basis of creation and activities of credit unions in the Kyrgyz Republic.
The credit union is the financial credit institution created in the form of cooperative for the purpose of assistance to the participants (members) by merge of personal savings of members of credit union and their use for mutual lending, and also rendering other financial services including according to the Islamic principles of banking and financing.
Activities of credit unions are regulated by this Law and the bank law of the Kyrgyz Republic.
Features of legal regulation of activities of the credit unions performing the activities according to the Islamic principles of banking and financing are established by regulatory legal acts of National Bank of the Kyrgyz Republic.
In this Law concepts of the following values are used:
the dividend on savings shares - code name of income gained by the member of credit union on savings share;
the capital - the total amount of all paid savings shares of reserves of credit union and retained earnings;
savings share (share) - cash amount, brought by the member of credit union in the capital and being at the disposal of credit union.
1. Main objectives of activities of credit union are:
- the requirements satisfaction of participants performed by consolidation of their means and provision of the credits by it;
- involvement of members of credit union to participation in management of its activities;
- rendering financial services.
2. Activities of credit union are based on the principles of joint activities, equality of his members, self-government, economic and economic independence.
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