RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 28, 2016 No. 40/4

About entering of amendments and changes into the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Realization of the Islamic Principles of Financing in the Kyrgyz Republic within Pilot Project" of October 30, 2006 No. 32/2

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

1. Make additions and changes to the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Realization of the Islamic Principles of Financing in the Kyrgyz Republic within Pilot Project" of October 30, 2006 No. 32/2 (are applied).

2. This resolution becomes effective after fifteen days from the date of 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 commercial banks, OYuL "Union of Banks of Kyrgyzstan", National bank of development of the Kyrgyz Republic, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

5. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova Т.Дж.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of September 28, 2016 No. 40/4

Amendments and changes in the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Realization of the Islamic Principles of Financing in the Kyrgyz Republic within Pilot Project" of October 30, 2006 No. 32/2

Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Realization of the Islamic Principles of Financing in the Kyrgyz Republic within Pilot Project" of October 30, 2006 No. 32/2sleduyushchiye of amendment and change:

in the Regulations on realization of the Islamic principles of financing in the Kyrgyz Republic within pilot project approved by the above-stated resolution:

- the first offer of paragraph one of Item 1 of Chapter 2.3 to add with words ", or the bank which is in property by the time of the address of the client";

- to add Item 3 of Chapter 2.3 with the paragraph third the following content:

"The property received by bank on account of repayment of earlier issued financing, and also other property can be realized within Murabakh's transaction on condition of observance of the requirements established in the Provision "About Separate Transactions / Transactions of Commercial Banks and Microfinance Companies of the Kyrgyz Republic with the Real Estate", the Board of National Bank of the Kyrgyz Republic approved by the resolution of August 29, 2012 No. 36/2.";

- the first offer of Item 1 of Chapter 2.4 after words of "other property in property" to add with words ", or the bank which is in property by the time of the address of the client";

- the paragraph one of item 4 of Chapter 2.4 to state in the following edition:

"4. Idzhar's bargain is concluded by bank based on the request of the client, financial and legal records necessary for decision making about the conclusion of the agreement.".

- in Item 39 of Chapter 2.8 the second offer to exclude.

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