Regulatory Alerts2016-02-10 | 131742Regulation on Minimum Requirements for Credit Risk Management in Credit Unions
The National Bank of the Kyrgyz Republic issued this regulation to establish minimum requirements for credit risk management systems within credit unions, including those operating under Islamic banking principles. The document mandates the implementation of comprehensive credit policies, the establishment of a Credit Committee, and strict protocols for loan origination, monitoring, and information exchange with credit bureaus. It further defines key terms such as credit risk and self-prohibition, while enforcing Shariah compliance and transparency in consumer credit pricing and disclosure.
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