ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of April 11, 2016 No. 185

About modification and amendments in the order of the Government of the Kyrgyz Republic "About approval of regulations on the organization of insurance by the Islamic principles (такафул) and about the securities issued by the Islamic principles of financing (сукук)" of September 12, 2009 No. 578

For the purpose of further implementation of the Islamic principles of insurance in the Kyrgyz Republic, according to articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Bring in the order of the Government of the Kyrgyz Republic "About approval of regulations on the organization of insurance by the Islamic principles (такафул) and about the securities issued by the Islamic principles of financing (сукук)" of September 12, 2009 No. 578 the following changes and amendments:

in Regulations on the organization of insurance by the Islamic principles (такафул), approved by the above-stated resolution:

- the paragraph one to state in the following edition:

"This Provision determines procedure for insurance according to the Islamic principles of insurance (такафул) in the territory of the Kyrgyz Republic.";

- the name of Chapter 1 after the word "Objects" to add with the word", the purposes";

- in Item 6:

state subitems 8 and 9 in the following edition:

"8) model of mudarab - the transaction in case of which one party (insurer) provides the capital (money) at the same time other party (takaful-company) accepts the capital and manages means for the purpose of income acquisition which is distributed between the parties according to the agreement;

"9) general такафул - the insurance directed to payment of compensation in case of approach of certain events and covering property risks of the insurer;";

state subitem 11 in the following edition:

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