Regulatory Alerts2018-07-18 | 127653Regulation on Minimum Risk Management Requirements for Banks Operating in Accordance with Islamic Principles of Banking and Finance
The National Bank of the Kyrgyz Republic issued this regulation to establish minimum risk management and internal control requirements for commercial banks conducting Islamic banking operations. The document mandates the creation of independent risk management and Shariah supervisory functions, defines specific risk categories including Shariah compliance and fiduciary risks, and requires the Board of Directors to approve risk appetite and limits. It further outlines the governance structure, reporting obligations, and consolidation requirements for managing risks across all banking activities.
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