Regulatory Alerts2024-07-26 | 3536Added · Updated
Commentary on the Regulation "On the Procedure for Providing Services Related to Islamic Financing by Microfinance Organizations"
The decision approving the Regulation on the procedure for providing Islamic financing services by microfinance organizations was state registered by the Ministry of Justice on July 26, 2024 under number 3536. Microfinance organizations must establish a special council to coordinate Islamic finance issues or outsource this function, and are required to maintain separate accounting for Islamic financing activities if traditional services are also offered. The Regulation establishes requirements for the special council and specific Islamic financing instruments, including Islamic leasing, profit-sharing financing (mudaraba), credit trade financing (murabaha), partnership financing (musharaka), and advance payment financing (salam).
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