Regulatory Alerts2009-09-30 | 111164Regulation on Requirements for the Accounting Policy of Commercial Banks Conducting Operations in Accordance with Islamic Principles of Banking and Financing
The National Bank of the Kyrgyz Republic issued this regulation to establish mandatory accounting policy requirements for commercial banks operating under Islamic banking principles, including those with Islamic windows. The document mandates that banks align their accounting practices with AAOIFI standards, ensuring asset segregation, proper recognition of specific Islamic finance instruments, and robust internal controls. It further outlines the procedural obligations for drafting, Shariah Council approval, and annual review of these policies to maintain regulatory compliance.
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