NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of December 27, 2017 No. 2017-P-12/54-12-(BS)

On Amending the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation 'On the Implementation of Islamic Financing Principles in the Kyrgyz Republic within the Framework of a Pilot Project'" dated October 30, 2006 No. 32/2

In accordance with Articles 4, 20, 68 and Part 6 of Article 111 of the Law "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity," the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. Make the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation 'On the Implementation of Islamic Financing Principles in the Kyrgyz Republic within the Framework of a Pilot Project'" dated October 30, 2006 No. 32/2:

in the Regulation on the implementation of Islamic financing principles in the Kyrgyz Republic within the framework of a pilot project, approved by the aforementioned Resolution:

• rephrase the fourth paragraph of subsection 'a' of point 6 of Chapter 2.3 in the following wording:

"At the same time, the aggregate balance of funds issued for the acquisition of goods by clients acting as agents under agency agreements must not exceed 20% of the bank's financing portfolio for Murabaha operations;".

2. This resolution enters into force upon the expiration of fifteen days from the date of official publication.

3. The Legal Department:

• publish this resolution on the official website of the National Bank of the Kyrgyz Republic;

• after official publication, send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Regulatory Legal Acts of the Kyrgyz Republic.

4. The Supervision and Licensing Methodology Department shall bring this resolution to the attention of commercial banks, regional departments, and the representative office of the National Bank of the Kyrgyz Republic in the Batken region.

5. Control over the implementation of this resolution is entrusted to the Board Member of the National Bank of the Kyrgyz Republic T.D. Jusupov.

Chairman of the Board of the National Bank of the Kyrgyz Republic		T. Abdygulov