Regulation on the Periodic Regulatory Report of Credit Unions Conducting Operations in Accordance with Islamic Principles of Banking and Finance

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Date of creation: 2025-04-14

Appendix 3 to the Resolution of the Board
of the National Bank of the Kyrgyz Republic of October 17, 2014 No. 45/1

Regulation

on the periodic regulatory report of credit unions conducting operations in accordance with Islamic principles of banking and finance

(Changes and additions approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-12-(NPA), of December 13, 2017 No. 2017-P-12/51-13-(NPA), of May 30, 2018 No. 2018-P-12\20-2-(NF KU), of August 21, 2024 No. 2024-P-12/37-1-(NPA))

General Provisions

This Regulation, in accordance with the Laws of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity" and "On Credit Unions" (hereinafter - legislation), establishes a unified form of periodic regulatory reporting (hereinafter - PRR) for credit unions conducting operations in accordance with Islamic principles of banking and finance (hereinafter - CUs).

(In the edition of the Resolution of the Board of the National Bank of June 15, 2017 No. 2017-P-12/25-12-(NPA)

PRR is compiled based on the data of accounting and off-system accounting of the CU.

(ceased to be in force in accordance with the Resolution of the Board of the National Bank of June 15, 2017 No. 2017-P-12/25-12-(NPA).

Goals and Objectives

PRR is compiled for the purpose of conducting analysis:

a) of the financial condition of the CU within the framework of the functions performed by the National Bank of the Kyrgyz Republic (hereinafter - National Bank), established by legislation;

b) of the activities of the CU to enable the management of the CU to make decisions to ensure liquidity, solvency, and profitability.

The main task of the PRR is to provide reliable and complete information about the economic and operational activities of the CU to ensure the achievement of the objectives specified in paragraph 4 of this Regulation.

Content and Frequency of Submission of PRR

PRR represents the reporting on the activities of the CU in the established form for a specific period and submitted within the established deadline.

PRR consists of 9 sections. The composition of the PRR, a brief description of the content, and the deadlines for submitting reports are provided in Appendix 1 to this Regulation.

(In the edition of the Resolution of the Board of the National Bank of August 21, 2024 No. 2024-P-12/37-1-(NPA)

The PRR for the IV quarter is annual and submitted to the National Bank no later than the 20th day following the reporting year.

(In the edition of the Resolution of the Board of the National Bank of August 21, 2024 No. 2024-P-12/37-1-(NPA)

Procedure for Submission of PRR

Each CU must appoint an employee responsible for the completeness of content, submission deadlines, and correct completion of the PRR. This employee is also responsible for interaction with the National Bank on all issues related to the information contained in the PRR.

10.

PRR is submitted to the National Bank in the forms according to Appendix 2 to this Regulation within the established deadlines for the report on paper and electronic media. Electronic versions of the PRR must be formed according to templates established by the National Bank.

11.

CUs located in the Chuy Region and the city of Bishkek must submit PRR on paper media to the National Bank in a sealed envelope.

12.

Electronic versions of the PRR must be transmitted by email to the Technical Support Department of the Statistical Database of the Financial Statistics and Review Department (hereinafter - UF SO) of the National Bank. In the absence of an email address, the CU must submit reports on other electronic media (USB flash drive).

13.

CUs located in other regions of the republic must submit PRR to the corresponding regional department/Batken representation of the National Bank on paper and electronic media.

Regional departments and the Batken representation of the National Bank forward the PRR to the UF SO in an aggregated form.

14.

In the event of any discrepancies, errors, incomplete submission, or incorrect completion of PRR forms, the corresponding structural unit of the National Bank notifies the CU of the need to correct the report with reflection in the financial statements within 10 working days from the date of receipt of the report.

Corrected reports together with a cover letter from the CU must be submitted to the National Bank within 5 working days after receiving notification of discrepancies in the report.

15.

In the absence of comments from the National Bank regarding the PRR or after bringing the report into compliance with the comments of the National Bank and written notification from the National Bank about the correction of the PRR, the PRR is considered accepted by the National Bank.

16.

PRR must be submitted in the established form: with the signature of the Chairman and Chief Accountant of the CU on each form, together with a cover letter. PRR must contain reliable information about the state of the CU as of the reporting date.

(In the edition of the Resolution of the Board of the National Bank of August 21, 2024 No. 2024-P-12/37-1-(NPA)

17.

PRR must contain reliable information about the state of the CU as of the reporting date. The correctness of reflecting the state of the CU in the quarterly and annual PRR is certified by the Chairman and Chief Accountant of the CU.

(In the edition of the Resolution of the Board of the National Bank of August 21, 2024 No. 2024-P-12/37-1-(NPA)

Final Provisions

18.

For untimely and/or unreliable submission of information, for failure to submit information within established deadlines, for incomplete and/or incorrect completion of the PRR by the CU, as well as the Chairman of the Board and the CU accountant bear responsibility in accordance with the normative legal acts of the Kyrgyz Republic.

(In the edition of the Resolution of the Board of the National Bank of August 21, 2024 No. 2024-P-12/37-1-(NPA)

19.

CUs must ensure the storage of second copies of the PRR provided to the National Bank.

Appendix 1

to the Regulation "On the Periodic Regulatory Report of Credit Unions Conducting Operations in Accordance with Islamic Principles of Banking and Finance", approved by the Resolution of the Board of the National Bank

of October 17, 2014 No. 45/1

Composition

of the PRR of CUs conducting operations in accordance with Islamic principles of banking and finance

No.

Section

Name of Form

Frequency

Submission Deadlines

Title Page

Quarterly

Annually

Reports for Q1, Q2, and Q3 within 15 calendar days from the end of the reporting quarter.

The report for Q4 is annual and submitted to the National Bank no later than the 20th day following the reporting year

Section 1

Regulatory Report on Financial Condition

A. Assets
B. Liabilities and Capital
C. Off-Balance Sheet Liabilities

Quarterly

Reports for Q1, Q2, and Q3 within 15 calendar days from the end of the reporting quarter. The report for Q4 is annual and submitted to the National Bank no later than the 20th day following the reporting year

Section 2

Income and Expense Statement

Section 3

Information on Financing Portfolio

A. Overdue Assets
B. Asset Classification
C. Classification of Ijarah Muntahia Bittamlik Operation
D. Financing Portfolio
E. Ijarah Muntahia Bittamlik Operation
F. Information on Received Financing

Section 4

Information on Large Clients of the Credit Union

Section 5

Information on Large Problematic Clients of the Credit Union

A. Information on Parallel Financing of the Credit Union B. Restructured Assets

Section 6

A. Volume of Accepted Deposits by Term
B. Volume of Accepted Deposits by Amount
C. Deposit Movement for the Reporting Month
D. Minimum and Maximum Deposit Sizes
E. Yield Rate on Attracted Deposits

Section 7

A. Information on Financing for the Reporting Period B. Gender Composition of the Credit Union
C. Participants, Clients Receiving Financing, and Depositors
D. Information on Savings Share and Financing Sizes E. Information on Location and Territory of Activity of the Credit Union F. Conditions for Withdrawal of Savings Share G. Dividends H. Short-Term Liabilities (due within 30 days)
I. Information on Retail Banking Services under Agency Agreement with Bank
J. Breakdown of Operations in FKO and Investments

Section 8

Information on Compliance with Economic Norms of the Credit Union

Section 9

A. Information on Members of the Supervisory Board, Board, Participants (Shareholders), and Members of the Shariah Council of the CU B. Information on Certain Officials of the CU
C. Basic Information on the CU (Information on Branches, Active Committees, Subsidiaries, and Affiliated Companies)

Annually

Quarterly (in case of changes during the quarter)

(In the edition of the Resolution of the Board of the National Bank of August 21, 2024 No. 2024-P-12/37-1-(NPA)

Appendix 2

of October 17, 2014 No. 45/1

Periodic Regulatory Report of CUs, conducting operations in accordance with Islamic principles of banking and finance

(Changes and additions approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 13, 2017 No. 2017-P-12/51-13-(NPA)), of August 21, 2024 No. 2024-P-12/37-1-(NPA)

Appendix 2

Contacts

Public Reception

+996 (312) 61-04-86 +996 (312) 66-90-15 +1257, +1256

Department for Consumer Rights Protection

+996 (312) 66-90-15 +1671, +1666

Report Corruption

+996 (312) 66-90-15 +2120 +996 (312) 61-04-00

Auto-Information on Official Currency Rates

+996 (312) 61-07-11

Numismatic Museum

+996 (312) 66-90-15 +1232 +996 (312) 61-24-14