Regulatory Alerts2019-06-13 | 131385Instruction on the Operation of Bank Accounts and Deposit Accounts Opened in Accordance with Islamic Principles of Banking and Finance
The National Bank of the Kyrgyz Republic issued this Instruction to establish minimum requirements for the opening, maintenance, and closure of bank and deposit accounts operated under Islamic banking principles. The document mandates that banks, microfinance companies, and credit unions adhere to Shariah-compliant contracts such as Qard, Wadi'ah, and Mudaraba, while ensuring strict adherence to anti-money laundering and counter-terrorist financing regulations. It further defines specific account types, including escrow and virtual asset accounts, and outlines the operational procedures and risk management standards required for financial institutions offering these services.
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