Regulatory Alerts2019-11-15 | 131387Regulation on Commercial Bank Operations with Precious Metals Conducted in Accordance with Islamic Banking and Finance Principles
The National Bank of the Kyrgyz Republic issued this regulation to establish requirements for commercial banks conducting precious metal operations under Islamic finance principles, specifically permitting Wa'diyah Amanah, Murabaha, and Qard contracts. The document mandates strict internal controls, defines permissible asset limits capped at 100% of paid-up capital, and enforces daily reporting of open positions to the central bank. It further specifies technical standards for bullion quality, weighing precision, and risk management procedures to ensure compliance with Shariah standards and international norms.
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