RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 18, 2015 No. 17/2

About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing" of October 23, 2013 No. 39/9

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

1. Make changes and additions to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing" of October 23, 2013 No. 39/9 (are applied).

2. This resolution becomes effective after fifteen days after official publication.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. To management of methodology of supervision and licensing to bring this resolution to the attention of Association of the microfinancial organizations, Associations of credit unions and cooperatives of Kyrgyzstan, National association of credit unions and cooperatives, JSC Finance Company of Credit Unions, associations of legal entities "Association of development of Islamic economy, finance and the industry", Ekoislamikbank Ltd.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic L. Orozbayeva.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 18, 2015 No. 17/2

Changes and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing" of October 23, 2013 No. 39/9

Bring in the resolution of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing" of October 23, 2013 No. 39/9, the following changes and amendments:

in the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing" approved by the above-stated resolution:

- in paragraph five of Item 19 of the word "Sample of the Standard Agreement" shall be replaced with words "Standard agreement";

- in the paragraph the second Item 45 of the word "Sample of the Standard Agreement" shall be replaced with words "Standard agreement";

- in names of appendices 1 and 2 to exclude the word "sample";

- Add provision with the paragraph 3 following of content:

"§3. Agreement Salam

46. The agreement Salam is signed between FKU and the client. Within the agreement Salam FKU acts as the Buyer, and in case of the Parallel salam of FKU acts as the Seller.

47. The foreign currency, precious metals cannot be the subject of the agreement.

48. The agreement Salam is signed on goods which can be weighed, measured or counted.

49. FKU performs purchase of goods under the agreement Salam and their realization according to the request of the solvent client.

50. Essential terms of the contract are:

1) sale of certain goods with delayed delivery;

2) payment of cost of goods at the time of the conclusion of the agreement. In the consent of the Seller the Buyer can bring payment within three working days after the conclusion of the agreement.

51. FKU in ensuring proper execution by the client of agreement obligations Salam can receive from the client providing in the form of pledge, the guarantee and other types of providing, stipulated by the legislation the Kyrgyz Republic.

52. Rights and obligations of the Parties:

1) the Parties establish the specific delivery date or delivery of goods in lots at the scheduled time provided that their cost was paid at the time of the initial conclusion of the agreement;

2) the Buyer is not allowed to sell goods until he does not acquire the property right to them;

The property right to goods passes 3) to the Buyer from the moment of the conclusion of the agreement and payment of its cost according to terms of the contract;

4) if both Parties agree, Salam in exchange for full recovery of its cost is allowed to cancel completely the agreement. Also its partial cancellation, i.e. cancellation of delivery of part of goods in exchange for the corresponding compensation of part of cost of the agreement is allowed;

5) the Seller shall deliver goods to the Buyer at the scheduled time according to terms of the contract, according to the stipulated specifications (type, goods grade, quantity, high-quality condition of goods). The buyer, on the other hand, shall accept goods if they answer the specifications provided in the agreement;

6) if the Seller cannot fulfill the obligation or at the Seller all are unavailable or parts of goods in the established date, the Buyer can:

a) wait when goods are available or to provide longer period of time for delivery of goods;

b) terminate the agreement and collect the paid means;

7) the responsibility of the parties for inadequate/untimely obligation fulfillment under the agreement shall be provided in the agreement. In case of failure to carry out of Buyer/FKU of obligations on payment of means to the Seller in the amount of and in the terms provided by the agreement, the Seller can terminate the agreement unilaterally, having refused execution of the obligations with the obligatory notification Buyer/FKU in writing.

53. Conditions in case of approach of force majeur circumstances shall be provided in the agreement.

54. All rules established for the agreement Salam are applied as well to the agreement Parallel by fat.

55. Under the agreement Parallel acts as FKU fat as the Seller. Payment under the terms of the agreement can be performed by installments, according to the repayment schedule.

56. The duration of the agreement Salam / Parallel begins fat with the moment of the conclusion of the agreement.

Standard agreements Salam and Parallel are given by fat in Appendix 3 and Appendix 4 to this Provision.";

- Add provision with appendices 3 and 4 of the following content:

Appendix 3

to the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing"

Agreement Salam

Bishkek

"____" ___________ 20 _____ years

___________________________________________ on behalf of _________________________, acting according to _________________________________, hereinafter referred to as "Buyer/FKU" on the one hand, and _____________________________ on behalf of __________________________, acting according to ______________________, hereinafter referred to as "Seller" on the other hand, hereinafter referred to as "Parties", agreed as follows:

1. Subject of the agreement

1.1. The subject of the agreement Salam is future delivery Seller of goods:

____________________________________________, hereinafter referred to as "Goods".

          (description of goods)

1.2. Buyer/FKU pays for Goods ______________________ for the following price:

                                                                 (specification)

Goods __________________ at the price ______ som for _______________ kilogram, etc.       

     (description of goods)

1.3. Total amount for all amount of goods of this Agreement constitutes ________________ som.

1.4. Payment for Goods is made _____________________________________________

                          (at the time of the conclusion of the agreement / in the consent of the seller within three working days)

1.5. In consent the Seller Pokupatel/FKA can bring payment within three working days after the conclusion of the agreement.

1.6. Proper execution of obligations of the Seller is under this agreement provided with the pledge agreement No. ______ from ______________________, signed between the Parties of this Agreement (further in the text - "pledge agreement").

1.7. In case of non-execution or improper execution by the Seller of the obligations provided by this Agreement, Buyer/FKU has the right to turn collection on pledged property according to the procedure, provided in the pledge agreement.

1.8. This Agreement becomes effective from the moment of its conclusion the Parties. The property right to Goods passes from the Seller to Buyer/FKU from the moment of the conclusion with Agreement parties and complete payment according to the agreement.

1.9. Delivery of goods will be performed by the Seller "______" __________ 20 ___ years.

1.10. Delivery of goods is performed by the Seller by shipment of goods

Покупателю/ФКУ____________________________________________________________

                            (railway, water, air, etc.)

1.11. The alienable Goods are transferred by the Seller Pokupatelyu/fku under the delivery-acceptance certificate to the established date.

2. Rights and obligations of the parties

2.1. Rights and obligations of the Seller:

2.1.1. The seller according to the procedure and on the terms and conditions of this agreement shall deliver Goods.

2.1.2. In case of failure to carry out of Buyer/FKU of the obligation on payment of means to the Seller in the amount of and in the terms provided by the agreement, the Seller can terminate the agreement unilaterally or refuse execution of the obligations with the obligatory notification Buyer/FKU in writing.

2.1.3. The seller has the right to deliver Goods before the term stipulated in this Agreement provided that the Goods meet the requirements of this Agreement.

2.1.4. The seller shall report Buyer/FKU about sending goods departure siding

__________________________________________________________

                             (letters, fax messages, etc.)

2.2. Rights and obligations of Buyer/FKU:

2.2.1. Buyer/FKU brings payment for Goods according to pct 1.4.

2.2.2. Buyer/FKU performs payment by non-cash/cash method for Goods or in the form of interchangeable goods.

2.2.3. Buyer/FKU shall accept the Goods answering to terms of this agreement.

2.2.4. In case of discrepancy of Goods of the stipulated specification, Buyer/FKU has the right to refuse Goods or in the consent of the Parties to accept Goods at the underestimated cost.

2.2.5. If the Seller offers Goods of higher quality, than is stipulated in the agreement, Buyer/FKU shall accept Goods if the Seller does not request higher price for higher quality.

2.2.6. In case when the Seller cannot fulfill the obligation or at the Seller all is unavailable or parts of Goods for the established date, Buyer/FKU has the right:

a) wait when the Goods are available or to provide longer period of time for delivery of Goods (the written consent Buyer/FKU);

b) terminate the agreement and collect the paid means.

3. Responsibility of the parties and procedure for the dispute resolution

3.1. The parties are exempted from liability in case of failure to carry out or untimely accomplishment of any agreement obligations and have no right to require compensation of the suffered losses or compensation for the uncollected income if the specified failure to carry out or untimely accomplishment are caused by force majeure circumstances (force majeure) which availability in writing is confirmed by the state or administrative authority authorized on that.

Force majeur circumstances are floods, the fires, earthquakes and other natural disasters, technogenic catastrophes, introduction in the corresponding territory of warlike situation, mass riots.

3.2. Disputes and disagreements which can arise in case of execution of this Agreement will be permitted whenever possible by negotiations between the Parties.

3.3. Any complaint made by one Party to other Party, arising from this Agreement which was not settled by the agreement of the Parties are resolved any disagreement which can arise between the Parties of this Agreement and judicially according to the legislation of the Kyrgyz Republic.

3.4. If both Parties agree, this Agreement Salam can be cancelled completely in exchange for full recovery of its cost.

3.5. The parties can cancel this Agreement Salam partially, i.e. cancel delivery of part of goods in exchange for compensation of the corresponding part of cost of the agreement. Changes of terms of the contract shall be drawn up documentary.

3.6. Any changes and amendments to this Agreement are valid only on condition that they are made in writing and signed properly the agents of the parties authorized on that. Appendices to this Agreements constitute its integral part.

3.7. In all the rest that is not provided by this Agreement, the Parties are guided by the current legislation of the Kyrgyz Republic.

4. Final provisions

4.1. This Agreement is constituted in duplicate on ________________ language, in one copy for each of the Parties. All copies of the text of this Agreement signed by the Parties have identical legal force.

4.2. Confirm to the presents of the Party that are acquainted and agree with terms of this agreement.

4.3. After execution of the obligations by the Parties according to this Agreement, the Parties have to each other no claims.

Parties:

Seller:		Buyer/FKU:
____________________________                    FULL NAME ____________________________ Address: ____________________________           (signature, seal)		____________________________                     FULL NAME ____________________________ Address: ____________________________             (signature, seal)

 

Appendix 4

to the Provision "About the Minimum Requirements to Standard Agreements of the Microfinancial Organizations and the Credit Unions Concluded according to the Islamic Principles of Banking and Financing"

Agreement Parallel fat

Bishkek

"____" ___________ 20 _____ years

_________________________________________________________________ on behalf of

___________________________________________________, acting according to

______________________________________________________________, referred to as in

further "Seller/FKU" on the one hand, and ___________________________________ in

the person ____________________________________________________________, acting in

compliance with ___________________________________________________________,

hereinafter referred to as "Buyer" on the other hand, hereinafter referred to as

"Parties", agreed as follows:

1. Subject of the agreement

1.1. The subject of the agreement is the future delivery of Seller/FKU of goods:

____________________________________________, hereinafter referred to as "Goods".

             (description of goods)

1.2. The buyer pays Goods ________________________________________ on

                                                                   (specification)

to the following price:

Goods ___________________ at the price _______ som for _______________ kilogram, etc.

       (description of goods)

1.3. Total amount for all amount of Goods of this Agreement constitutes ____________ som.

1.4. Payment for Goods is made ______________________________________________

 (at the time of the conclusion of the agreement / in the consent of the Seller during three workers  

_____________________________________________________________________________

days / according to the payment schedule before the delivery date of goods).

1.5. Delivery of goods will be performed by Seller/FKU "______" ______ 20 ___ years.

1.6. Effective period of this Agreement begins with the moment of the conclusion of this Agreement.

1.7. Delivery of goods is performed by Seller/FKU by shipment of goods

To the buyer _____________________________________________________________________________

                                            (railway, water, air, etc.)

1.8. The alienable Goods are transferred to Seller/FKU to the Buyer under the delivery-acceptance certificate to the established date.

2. Rights and obligations of the Parties

2.1. Rights and obligations of the Seller:

2.1.1. Seller/FKU according to the procedure and on the terms and conditions of this agreement shall deliver Goods.

2.1.2. Seller/FKU has the right to deliver Goods before the term stipulated in this Agreement provided that the Goods meet the requirements of this Agreement.

2.1.3. Seller/FKU shall report to the Buyer about sending goods departure siding

___________________________________________________________________.

                                 (letters, fax messages, etc.)

2.2. Rights and obligations of the Buyer:

2.2.1. The buyer brings payment for Goods according to pct 1.4.

2.2.2. The buyer performs payment by non-cash/cash method for Goods or in the form of interchangeable goods.

2.2.3. The buyer shall accept the goods answering to terms of this agreement.

2.2.4. In case of discrepancy of Goods of the stipulated specification, the Buyer has the right to refuse Goods or in the consent of the Parties to accept Goods at the underestimated cost.

2.2.5. If Seller/FKU offers Goods of higher quality, than is stipulated in the agreement, the Buyer shall accept Goods if Seller/FKU does not request higher price for higher quality.

2.2.6. In case when Seller/FKU cannot fulfill the obligation or at Seller/FKU all is unavailable or parts of Goods for the established date, the Buyer has the right:

a) wait when the Goods are available or to provide longer period of time for delivery of Goods (written consent of the Buyer);

b) terminate the agreement and collect the paid means.

3. Responsibility of the parties and procedure for the dispute resolution

3.1. The parties are exempted from liability in case of failure to carry out or untimely accomplishment of any agreement obligations and have no right to require compensation of the suffered losses or compensation for the uncollected income if the specified failure to carry out or untimely accomplishment are caused by force majeure circumstances (force majeure) which availability in writing is confirmed by the state or administrative authority authorized on that.

Force majeur circumstances are floods, the fires, earthquakes and other natural disasters, technogenic catastrophes, introduction in the corresponding territory of warlike situation, mass riots.

3.2. Disputes and disagreements which can arise in case of execution of this Agreement will be permitted whenever possible by negotiations between the Parties.

3.3. Any disagreement which can arise between the Parties of this Agreement and any complaint made by one party to other party, arising from this Agreement which was not settled by the agreement of the parties are permitted judicially according to the legislation of the Kyrgyz Republic.

3.4. If both Parties agree, this Agreement Parallel can be cancelled by fat completely in exchange for full recovery of its cost.

3.5. The parties can change this Agreement Parallel fat partially, i.e. cancel delivery of part of goods in exchange for compensation of the corresponding part of cost of the agreement. Changes of terms of the contract shall be drawn up documentary.

3.6. Any changes and amendments to this Agreement are valid only on condition that they are made in writing and signed properly the agents of the parties authorized on that. Appendices to this Agreements constitute its integral part.

3.7. In all the rest that is not provided by this Agreement, the Parties are guided by the current legislation of the Kyrgyz Republic.

4. Final provisions

4.1. This Agreement is constituted in duplicate on ________________ language, in one copy for each of the Parties. All copies of the text of this Agreement signed by the Parties have identical legal force.

4.2. Confirm to the presents of the Party that are acquainted and agree with terms of this agreement.

4.3. After execution of the obligations by the Parties according to this Agreement of the Party have to each other no claims.

Parties:

Seller/FKU:		Buyer:
____________________________                        FULL NAME ____________________________ Address: ____________________________           (signature, seal)		____________________________                       FULL NAME ____________________________ Address: ____________________________           (signature, seal) ".

 

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