Resolution of the Board of the National Bank of the Kyrgyz Republic No. 18/3 of April 25, 2008 on Amendments to the Resolution on the New Edition of the Chart of Accounts

Registered in the Ministry of Justice of the Kyrgyz Republic

May 27, 2008. Registration number 31-08

Bishkek

Resolution of the Board of the National Bank of the Kyrgyz Republic No. 18/3 of April 25, 2008

On Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the New Edition of the Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic" No. 28/3 of May 30, 2007, registered in the Ministry of Justice of the Kyrgyz Republic on July 10, 2007, registration number 66-07

Having considered the draft amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the New Edition of the Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic" No. 28/3 of May 30, 2007, registered in the Ministry of Justice of the Kyrgyz Republic on July 10, 2007, registration number 66-07", guided by Articles 7 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", and the Regulation "On the Implementation of Islamic Financing Principles in the Kyrgyz Republic within the Framework of a Pilot Project", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of October 30, 2006 No. 32/2, registered by the Ministry of Justice of the Kyrgyz Republic on November 30, 2006 No. 120-06, the Board of the National Bank of the Kyrgyz Republic resolves:

1. Approve the amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the New Edition of the Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic" No. 28/3 of May 30, 2007, registered in the Ministry of Justice of the Kyrgyz Republic on July 10, 2007, registration number 66-07" (attached).

2. Send this Resolution to the Steering Committee, formed within the framework of the implementation of the Memorandum of Understanding between the Kyrgyz Republic, the Islamic Development Bank, and JSC "EcoBank" regarding the implementation of Islamic principles of banking and financing in the Kyrgyz Republic dated May 16, 2006.

3. The Methodology and Licensing Supervision Department, together with the Legal Department, shall, in the established manner, send this Resolution for state registration to the Ministry of Justice of the Kyrgyz Republic.

4. This Resolution shall enter into force after state registration in the Ministry of Justice of the Kyrgyz Republic and subsequent official publication.

5. After the publication of the registered normative legal act, the Legal Department shall inform the Ministry of Justice of the Kyrgyz Republic about the source of publication (name of the edition, its number, and date).

6. Control over the execution of this Resolution is entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic K.K. Bokonbaev.

Chairman of the Board of the National
Bank of the Kyrgyz Republic M. Alapaev

Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated April 25, 2008 No. 18/3

AMENDMENTS to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the New Edition of the Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic" No. 28/3 of May 30, 2007, registered in the Ministry of Justice of the Kyrgyz Republic on July 10, 2007, registration number 66-07

1. Make the following amendments to the Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic for JSC "EcoBank" within the framework of the implementation of the Pilot Project for the Implementation of Islamic Financing Principles (Appendix 2 to the New Edition of the Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 28/3 of May 30, 2007,
   registered in the Ministry of Justice of the Kyrgyz Republic on July 10, 2007, registration number 66-07):

Add the following accounts to the Account Group "20000 Settlement (Current) Accounts and Demand Deposits of Clients":

"20037 Wadiah Yad Damanah (interest-free demand accounts for legal entities - non-residents) 20038 Wadiah Yad Damanah (interest-free demand accounts for legal entities - residents)".

Add the following accounts to Account Group 20200 "Deposits of Physical Persons":

"20223 Wadiah Yad Damanah (interest-free demand accounts for physical persons - non-residents) 20224 Wadiah Yad Damanah (interest-free demand accounts for physical persons - residents)".

Add the following account to Account Group 21000 "Accrued Interest Payable":

"21055 Expenses on Accrued Rewards Payable for Wadiah Yad Damanah Operations".

Add the following accounts to Account Group 61100 "Income from Islamic Financing Principle Operations":

"61108 Income from Wadiah Yad Amanah Operations 61109 Income from Wadiah Yad Damanah Operations".

Add the following accounts to Account Group 70000 "Interest Expenses on Deposits":

"70031 Expenses on Mudaraba Operations
70032 Expenses on Wadiah Yad Damanah Operations".

2. Make the following amendments to Appendix 2.1 to the New Edition of the Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic for JSC "EcoBank" within the framework of the implementation of the Pilot Project for the Implementation of Islamic Financing Principles, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 28/3 of May 30, 2007, registered in the Ministry of Justice of the KR on July 10, 2007, registration number 66-07:

Add paragraphs to the description of accounts of Group 20000 "Settlement (Current) Accounts and Demand Deposits of Clients" with the following content:

"20037 Wadiah Yad Damanah (interest-free demand accounts for legal entities - non-residents) Interest-free funds of legal entities - non-residents of the KR under Wadiah Yad Damanah operations are accounted for in this account. The account must have a credit balance. Upon crediting (receipt) of funds, the account is credited. Upon debiting (withdrawal) of funds, the account is debited".

"20038 Wadiah Yad Damanah (interest-free demand accounts for legal entities - residents) Interest-free funds of legal entities - residents of the KR under Wadiah Yad Damanah operations are accounted for in this account. The account must have a credit balance. Upon crediting (receipt) of funds, the account is credited. Upon debiting (withdrawal) of funds, the account is debited".

Add paragraphs to the description of accounts of Group 20200 "Deposits of Physical Persons" with the following content:

"20223 Wadiah Yad Damanah (interest-free demand accounts for physical persons - non-residents) Interest-free funds of physical persons - non-residents of the KR under Wadiah Yad Damanah operations are accounted for in this account. The account must have a credit balance. Upon crediting (receipt) of funds, the account is credited. Upon debiting (withdrawal) of funds, the account is debited".

"20224 Wadiah Yad Damanah (interest-free demand accounts for physical persons - residents) Interest-free funds of physical persons - residents of the KR under Wadiah Yad Damanah operations are accounted for in this account. The account must have a credit balance. Upon crediting (receipt) of funds, the account is credited. Upon debiting (withdrawal) of funds, the account is debited".

Add paragraphs to the description of accounts of Group 21000 "Accrued Interest Payable" with the following content:

"21055 Expenses on Accrued Rewards Payable for Wadiah Yad Damanah Operations Rewards payable to clients accrued under Wadiah Yad Damanah operations are accounted for in this account. This account must have a credit balance. Upon accrual of expense amounts, the account is credited. Upon payment of expense amounts, the account is debited".

Add paragraphs to the description of accounts of Group 61100 "Income from Islamic Financing Principle Operations" with the following content:

"61108 Income from Wadiah Yad Amanah Operations Bank income from Wadiah Yad Amanah operations is accounted for in this account. This account must have a credit balance. Upon occurrence of income, the account is credited. Upon occurrence of a loss, the account is debited".

"61109 Income from Wadiah Yad Damanah Operations Bank income from Wadiah Yad Damanah operations is accounted for in this account. This account must have a credit balance. Upon occurrence of income, the account is credited. Upon occurrence of a loss, the account is debited".

Add paragraphs to the description of accounts of Group 70000 "Interest Expenses on Deposits" with the following content:

"70031 Expenses on Mudaraba Operations
Bank expenses on Mudaraba operations are accounted for in this account. This account must have a debit balance. Upon occurrence of an expense, the account is debited. Upon closing the account, it is credited".

"70032 Expenses on Wadiah Yad Damanah Operations Bank expenses on Wadiah Yad Damanah operations are accounted for in this account. This account must have a debit balance. Upon occurrence of an expense, the account is debited. Upon closing the account, it is credited".