Regulatory Alerts2009-09-23 | 131857Regulation on Operations Conducted in Accordance with Islamic Principles of Banking and Finance
The National Bank of the Kyrgyz Republic issued this regulation to establish the legal framework for commercial banks offering Sharia-compliant banking products and financing services. It mandates the creation of a Shariah Council, requires investments only in permissible business activities, and defines specific contractual structures such as Mudaraba and Musharaka. The document further outlines strict operational requirements including accessibility standards for clients with disabilities, insurance obligations for collateral, and detailed rules for profit and loss distribution.
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