Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2025-P-12/55-4-(NPA) of October 23, 2025 on Amendments to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

RESOLUTION OF THE BOARD OF THE NATIONAL BANK OF THE KYRGYZ REPUBLIC

dated October 23, 2025 No. 2025-P-12/55-4-(NPA)

ON AMENDMENTS TO CERTAIN REGULATORY LEGAL ACTS OF THE NATIONAL BANK OF THE KYRGYZ REPUBLIC

In accordance with Articles 5, 9 and 64 of the Constitutional Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

1. Make amendments to the following resolutions of the Board of the National Bank of the Kyrgyz Republic (attached):

• "On the Rules for Regulating Commercial Bank Operations in Trust Management" dated December 14, 1998 No. 34/9;

• "On 'Rules for Regulating the Activities of Microfinance Organizations in the Territory of the Kyrgyz Republic'" dated February 19, 2003 No. 4/2;

• "On Approval of the Regulation "On the Classification of Assets and Corresponding Provisions to Cover Potential Losses and Losses"" dated July 21, 2004 No. 18/3;

• "On Approval of the Regulation "On Operations Conducted in Accordance with Islamic Principles of Banking and Financing"" dated September 23, 2009 No. 38/8;

• "On the Regulation "On Requirements for Standard Contracts Concluded in Accordance with Islamic Principles of Banking and Financing"" dated September 30, 2009 No. 39/4;

• "On Approval of the Regulation "On Minimum Requirements for Credit Risk Management in Credit Unions"" dated December 23, 2009 No. 50/7;

• "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated December 28, 2009 No. 51/6;

• "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated June 30, 2010 No. 52/4;

• "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated September 14, 2011 No. 52/4;

• "On Approval of the Regulation "On Operations Conducted by Microfinance Organizations and Credit Unions in Accordance with Islamic Principles of Banking and Financing"" dated October 26, 2011 No. 60/8;

• "On Approval of the "Order for the Work of Commercial Banks and Other Financial and Credit Organizations Licensed and Regulated by the National Bank of the Kyrgyz Republic with Collateral"" dated July 4, 2012 No. 28/7;

• "On Approval of the "Regulation on Minimum Requirements for Credit Risk Management in Operations Conducted in Accordance with Islamic Principles of Banking and Financing"" dated September 25, 2013 No. 35/13;

• "On Approval of the Regulation on Minimum Requirements for Credit Risk Management in Microfinance Organizations Not Attracting Deposits"" dated September 25, 2013 No. 35/14;

• "On Approval of the Regulation "On Minimum Requirements for Standard Contracts of Microfinance Organizations and Credit Unions Concluded in Accordance with Islamic Principles of Banking and Financing"" dated October 23, 2013 No. 39/9;

• "On Approval of the "Rules for Regulating the Activities of Microfinance Organizations Conducting Operations in Accordance with Islamic Principles of Banking and Financing"" dated May 30, 2014 No. 24/11;

• "On Approval of the Rules for Regulating the Activities of Specialized Financial Institutions"" dated March 16, 2016 No. 12/4;

• "On Approval of the Regulation "On Economic Normatives and Requirements Mandatory for Compliance by Commercial Banks of the Kyrgyz Republic" dated December 14, 2022 No. 2022-P-12/78-7-(NPA);

• "On Approval of the Rules for Regulating the Activities of JSC "Financial Company of Credit Unions" and Making Amendments to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic on Issues of Regulating the Activities of JSC "Financial Company of Credit Unions"" dated March 20, 2024 No. 2024-P-12/12-2-(NFKU).

2. The Legal Department:

• from the day of receiving the corresponding documents, within 3 (three) working days, 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.

3. This resolution enters into force after 7 (seven) working days from the day of official publication.

4. The Supervision Methodology Department, after official publication, within 3 (three) working days, bring this resolution to the attention of the Association of Legal Entities "Union of Banks of Kyrgyzstan", commercial banks, the Association of Legal Entities "Association of Microfinance Organizations", the Association of Legal Entities "National Association of Credit Unions and Cooperatives", the Joint Stock Company "Financial Company of Credit Unions", microfinance organizations, and credit unions.

5. The "Board Secretariat" Department, from the day of receiving the corresponding documents, within 3 (three) working days, bring this resolution to the attention of structural subdivisions, regional departments, and the Representative Office of the National Bank of the Kyrgyz Republic in the Batken Region.

6. Control over the execution of this resolution is entrusted to the Board Member of the National Bank of the Kyrgyz Republic overseeing the Supervision Methodology Department.

Chairman	M. Turgunbaev

		Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 23, 2025 No. 2025-P-12/55-4-(NPA)

AMENDMENTS to certain regulatory legal acts of the National Bank of the Kyrgyz Republic

1. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Rules for Regulating Commercial Bank Operations in Trust Management" dated December 14, 1998 No. 34/9:

in the Rules for Regulating Commercial Bank Operations in Trust Management, approved by the aforementioned resolution:

1. paragraph 3.1 is to be worded as follows:

"3.1. Objects of trust management may be enterprises and other property complexes, separate objects relating to real estate, securities, rights certified by bearer securities, exclusive rights, as well as transport vehicles and residential real estate only if there is a valid insurance policy.";

2. paragraph 4.5. is to be worded as follows:

"4.5. Real estate accepted by the manager in trust management must be insured by the pledgor in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.";

3. paragraph 5.12. is to be supplemented with a second paragraph as follows:

"The trust manager is obliged to ensure the receipt and proper storage of copies of insurance policies regarding objects transferred to trust management in cases provided for by current legislation and/or the trust management agreement.".

2. Make the following amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Rules for Regulating the Activities of Microfinance Organizations in the Territory of the Kyrgyz Republic" dated February 19, 2003 No. 4/2:

in the Rules for Regulating the Activities of Microfinance Organizations in the Territory of the Kyrgyz Republic, approved by the aforementioned resolution:

1. supplement sub-item 2.4.-5. as follows:

"2.4.-5. MFOs have the right to issue shares and debt securities (bonds and promissory notes), with the exception of international bonds, within limits established by the National Bank and in accordance with the legislation of the Kyrgyz Republic.

The issuance of bonds for the repayment of loans and credits is not permitted, nor is it permitted in the presence of overdue debt on loans and credits during the last year prior to the decision to issue bonds.

The payment of shares and other securities of MFOs by promissory notes is prohibited, as well as by monetary funds, securities, other things or property rights, or other rights having a monetary valuation belonging to physical and legal entities included in the sanction lists of physical and legal entities, groups, and organizations, regarding which there is information about their participation in terrorist or extremist activities and the spread of weapons of mass destruction (Consolidated Sanctions List of the Kyrgyz Republic and Consolidated Sanctions List of the Security Council of the United Nations).";

2. supplement paragraph 5.13. as follows:

"5.13. MFOs have the right to issue shares and debt securities (bonds and promissory notes), with the exception of international bonds, within limits established by the National Bank and in accordance with the legislation of the Kyrgyz Republic.

The issuance of bonds for the repayment of loans and credits is not permitted, nor is it permitted in the presence of overdue debt on loans and credits during the last year prior to the decision to issue bonds.

The payment of shares and other securities of MFOs by promissory notes is prohibited, as well as by monetary funds, securities, other things or property rights, or other rights having a monetary valuation belonging to physical and legal entities included in the sanction lists of physical and legal entities, groups, and organizations, regarding which there is information about their participation in terrorist or extremist activities and the spread of weapons of mass destruction (Consolidated Sanctions List of the Kyrgyz Republic and Consolidated Sanctions List of the Security Council of the United Nations).".

3. Make the following amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On the Classification of Assets and Corresponding Provisions to Cover Potential Losses and Losses"" dated July 21, 2004 No. 18/3:

in the Regulation "On the Classification of Assets and Corresponding Provisions to Cover Potential Losses and Losses", approved by the aforementioned resolution:

1. in sub-item 4.1.1. of paragraph 4.1.:

• the second paragraph is to be worded as follows:

"- state securities of the Cabinet of Ministers of the Kyrgyz Republic (hereinafter - GCB) and notes of the National Bank (hereinafter - notes) (if the maturity date of GCB and notes occurs before the maturity date of the asset, the bank must accept as collateral the monetary funds received from the maturity of GCB and notes, or accept as collateral additional similar (analogous) GCB and notes);";

• in the eighth paragraph, the word "GCB" is replaced with the words "GCB, notes";

• in the tenth paragraph, the word "GCB" is replaced with the words "GCB, notes";

• in the eleventh paragraph, after the word "GCB", the word ", notes" is added.

4. Make the following amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Operations Conducted in Accordance with Islamic Principles of Banking and Financing"" dated September 23, 2009 No. 38/8":

in the Regulation "On Operations Conducted in Accordance with Islamic Principles of Banking and Financing", approved by the aforementioned resolution:

• supplement paragraphs 1.9. and 1.10. as follows:

"1.9. Movable and immovable property that is the subject of a contract under Islamic principles of banking and financing must be insured in cases provided for by the legislation of the Kyrgyz Republic in the field of mandatory insurance.

1.10. Movable and immovable property that is the subject of a pledge contract under Islamic principles of banking and financing must be insured by the pledgor in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.".

5. Make the following amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation "On Requirements for Standard Contracts Concluded in Accordance with Islamic Principles of Banking and Financing"" dated September 30, 2009 No. 39/4:

in the Regulation "On Requirements for Standard Contracts Concluded in Accordance with Islamic Principles of Banking and Financing", approved by the aforementioned resolution:

1. the first sentence of paragraph 1.7. is to be worded as follows:

"1.7. The Client has the right to repay the asset carrying credit risk in full or in parts at any time without charging any commissions, penalties, and other payments in accordance with the requirements of the legislation of the Kyrgyz Republic.";

2. in paragraph 2.1.:

• sub-item 2.1.2. is to be supplemented with a second sentence as follows:

"The subject of the Murabaha contract must be insured in cases provided for by the legislation of the Kyrgyz Republic in the field of mandatory insurance.";

• sub-item 2.1.11. is to be supplemented with a second sentence as follows:

"The pledged property must be insured in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.";

3. in sub-item 2.2.2. of paragraph 2.2., the digit "20" is replaced with the digit "10";

4. paragraph 2.3. is to be worded as follows:

"2.3. Contract Security.

2.3.1. In order to ensure proper performance by the Client of the obligation under the Murabaha contract, the Bank must conclude a pledge contract for monetary funds or another type of security with the Client. The monetary amount transferred as collateral cannot be invested by the Bank unless otherwise provided by the contract.

2.3.2. Upon the Client's application, the monetary amount transferred as collateral may be credited towards the payment for goods in accordance with the Murabaha contract.

2.3.3. The Bank is obliged to return the collateral after the Client has fulfilled their obligations under the Murabaha contract.

2.3.4. The Bank bears all risks associated with damage, destruction, or loss of the goods during transportation or storage, and they cannot be covered by the collateral.

2.3.5. The pledged property must be insured in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.

The sample standard Murabaha contract is provided in Appendix 2 to this Regulation.";

5. sub-item 3.2.4. of paragraph 3.2 is to be worded as follows:

"3.2.4. The subject of the Ijarah Munhtaiya Bitamlik contract must be insured in cases provided for by the legislation of the Kyrgyz Republic in the field of mandatory insurance.";

6. in the Appendix 1 to the Regulation:

• paragraph 6.1. is to be supplemented with a second sentence as follows:

"The pledged property must be insured in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.";

• in paragraph 7.2., the digit "20" is replaced with the digit "10";

• in paragraph 9.3., the digit "20" is replaced with the digit "10";

7. in the Appendix 2 to the Regulation:

• paragraph 8 is to be supplemented with a second sentence as follows:

"The collateral must be insured in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.";

• in paragraph 11, the digit "20" is replaced with the digit "10";

8. in the Appendix 3 to the Regulation:

• after the line "Information about the Supplier/Seller of the Subject of the Ijarah Contract", add a line as follows:

"Spouse's Consent";

• paragraph 1.5. is to be worded as follows:

"1.5. The subject of the Contract under this agreement is owned by the Lessor throughout the entire term of this Agreement, and the Lessee is the user of the property. The subject of the Ijarah Munhtaiya Bitamlik contract must be insured in cases provided for by the legislation of the Kyrgyz Republic in the field of mandatory insurance.";

• paragraphs 3.1., 3.2. are to be worded as follows:

"3.1. Proper performance of the Client's obligations under this Agreement is ensured by a pledge agreement No. _____ dated __________________, concluded between the parties of this Agreement. The pledged property must be insured in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.

3.2. Full and timely payment of debts, other fees, as well as proper performance of other obligations of the Lessee under this Agreement is ensured by collateral. The collateral must be insured in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.".

6. Make the following amendment to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Minimum Requirements for Credit Risk Management in Credit Unions"" dated December 23, 2009 No. 50/7:

in the Regulation "On Minimum Requirements for Credit Risk Management in Credit Unions", approved by the aforementioned resolution:

• supplement Chapter II of the Appendix 1 to the Regulation with paragraph 8 as follows:

"8. Insurance policy, in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property.".

7. Make the following amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated December 28, 2009 No. 51/6:

in the Regulation "On the Classification of Assets and Corresponding Provisions to Cover Potential Losses and Losses in Operations Conducted in Accordance with Islamic Principles of Banking and Financing", approved by the aforementioned resolution:

1. in paragraph 21:

• the second paragraph is to be worded as follows:

"- state securities of the Cabinet of Ministers of the Kyrgyz Republic (hereinafter - GCB) and notes of the National Bank (hereinafter - notes) (if the maturity date of GCB and notes occurs before the maturity date of the asset, the bank must accept as collateral the monetary funds received from the maturity of GCB and notes, or accept as collateral additional similar GCB and notes);";

• in the eighth paragraph, the word "GCB" is replaced with the words "GCB, notes";

• in the ninth paragraph, the word "GCB" is replaced with the words "GCB, notes";

• in the tenth paragraph, after the word "GCB", the word ", notes" is added.

8. Make the following amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated June 30, 2010 No. 52/4:

in the Regulation "On Minimum Requirements for Credit Risk Management in Commercial Banks and Other Financial and Credit Organizations Licensed by the National Bank of the Kyrgyz Republic", approved by the aforementioned resolution:

1. the tenth paragraph of paragraph 25 is to be worded as follows:

"- an inventory of pledged property, documents confirming ownership rights (if the collateral is movable/immovable property) and usage rights, and other documents in accordance with the bank's internal documents, presence of an insurance policy, in cases where the legislation of the Kyrgyz Republic in the field of mandatory insurance or the pledge contract imposes on the pledgor the obligation to insure the pledged property;";

2. the Appendix 1 to the Regulation:

• supplement with paragraph 24-1 as follows:

---

24-1. Insurance policy, in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property.

• replace the numbering of item "25(1)." with "25-1." in the state language.

9. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated September 14, 2011 No. 52/4:

in the Regulation "On Banks' Operations with Securities", approved by the aforementioned Resolution:

1. in item 2:

• rephrase the second paragraph as follows:

"- state securities are debt obligations issued by the Ministry of Finance of the Kyrgyz Republic on behalf of the Cabinet of Ministers of the Kyrgyz Republic;"

• add a third paragraph as follows:

"- notes of the National Bank of the Kyrgyz Republic are securities issued by the National Bank of the Kyrgyz Republic (hereinafter - National Bank) (hereinafter - notes);"

2. rephrase the third paragraph of item 15 as follows:

"When purchasing and selling state securities and notes, banks must comply with this Regulation to the extent not inconsistent with the relevant regulatory legal acts of the National Bank and the authorized state body for regulating the securities market."

3. rephrase sub-item 1 of item 30-1 as follows:

"1) purchase and sell state securities and notes. At the same time, the aggregate volume of state securities and notes must not exceed 30 percent of the bank's assets; in a bank with an Islamic window, the aggregate volume of state securities and notes of the Islamic window must not exceed 30 percent of the assets of the Islamic window;"

4. in item 30-2, after the words "state securities", add the words "and notes";

5. in sub-item "a" of item 35, after the words "state securities", add the words "and notes".

10. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Operations Conducted by Microfinance Organizations and Credit Unions in Accordance with Islamic Principles of Banking and Financing'" dated October 26, 2011 No. 60/8:

in the Regulation "On Operations Conducted by Microfinance Organizations and Credit Unions in Accordance with Islamic Principles of Banking and Financing", approved by the aforementioned Resolution:

• add items 10-1 and 10-2 as follows:

"10-1. Movable and immovable property that is the subject of an agreement under Islamic principles of banking and financing must be insured in cases provided for by the legislation of the Kyrgyz Republic on mandatory insurance.

10-2. Movable and immovable property that is the subject of a pledge agreement under Islamic principles of banking and financing must be insured in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

11. Make the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Procedure for Commercial Banks and Other Financial and Credit Organizations Licensed and Regulated by the National Bank of the Kyrgyz Republic to Operate with Pledged Property" dated July 4, 2012 No. 28/7:

in the Procedure for Commercial Banks and Other Financial and Credit Organizations Licensed and Regulated by the National Bank of the Kyrgyz Republic to Operate with Pledged Property, approved by the aforementioned Resolution:

• rephrase item 24 as follows:

"24. In cases where the pledged property remains in the possession of the pledgor, the bank/FCO has the right to demand that the pledgor insure the pledged property. If the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property, then the pledged property must be insured by the pledgor for an amount not less than the size of the claim. The term of insurance of the pledged property must be established taking into account the time required for the possible enforcement by the bank/FCO of the claim against the pledged property and its realization, as well as the capabilities of insurance companies."

12. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Minimum Requirements for Credit Risk Management in Operations Conducted in Accordance with Islamic Principles of Banking and Financing'" dated September 25, 2013 No. 35/13:

in the Regulation "On Minimum Requirements for Credit Risk Management in Operations Conducted in Accordance with Islamic Principles of Banking and Financing", approved by the aforementioned Resolution:

1. rephrase the ninth paragraph of item 29 as follows:

"- inventory of pledged property (if available) indicating market value, valuation date, who performed the valuation, proof of registration, location of the pledge, documents confirming ownership rights (if the pledge is movable/immovable property, mandatory presence of an insurance policy, in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property) and usage rights, and other documents in accordance with the bank's internal documents;"

2. add item 27-1 to Appendix 1 to the Regulation as follows:

"27-1. Insurance policy, in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

13. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Minimum Requirements for Credit Risk Management in Microfinance Organizations Not Attracting Deposits'" dated September 25, 2013 No. 35/14:

in the Regulation "On Minimum Requirements for Credit Risk Management in Microfinance Organizations Not Attracting Deposits", approved by the aforementioned Resolution:

1. rephrase the second paragraph of sub-item 2 of item 22 as follows:

"- on the terms of providing loans, including information on the total cost of the credit product, in the state language and, by agreement with the client, in the official language, and if necessary, the information may be translated into another language;"

2. rephrase the second paragraph of item 27 as follows:

"- ensure full disclosure to clients (potential borrowers) of comprehensive information on the terms of providing loans, including information on the total cost of the service, in the state language and, by agreement with the client, in the official language, and if necessary, the information may be translated into another language;"

3. rephrase the first paragraph of item 29 as follows:

"A credit contract concluded between the MFO and the client, including in the form of an electronic document signed by means of an electronic signature that allows verifying its belonging to the party to the contract, along with all attachments to it and other contracts/agreements, must be drawn up in the state language and may be translated into the official language, and if necessary, into another language. Each page of the credit contract with all attachments must be signed by the client on a paper medium or in the form of a single electronic document."

4. in Appendix 1 to the Regulation:

• rephrase item 6 as follows:

"6. Credit contract, attachments to it, as well as additional agreements concluded with the client upon restructuring or extension, assignment of claim rights, in the state language and in the official/other language (if available)."

• rephrase item 14 as follows:

"14. Pledge Agreement/Guarantee Agreement in the state language and in the official/other language (if available)."

• add item 20-1 as follows:

"20-1. Insurance policy, in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

14. Make the following additions and amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Minimum Requirements for Standard Contracts of Microfinance Organizations and Credit Unions Concluded in Accordance with Islamic Principles of Banking and Financing'" dated October 23, 2013 No. 39/9:

in the Regulation "On Minimum Requirements for Standard Contracts of Microfinance Organizations and Credit Unions Concluded in Accordance with Islamic Principles of Banking and Financing", approved by the aforementioned Resolution:

1. add a second sentence to item 21 as follows:

"The subject of the murabaha agreement must be insured in cases provided for by the legislation of the Kyrgyz Republic on mandatory insurance."

2. add a second sentence to item 31 as follows:

"Pledged property must be insured in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

3. in item 33, replace the number "20" with the number "10";

4. add item 45-1 as follows:

"45-1. Pledged property must be insured in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

5. in Appendix 1 to the Regulation:

• add a second sentence to item 6.1 as follows:

"The Mudarib undertakes to insure the pledged property in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

• in item 7.2, replace the number "20" with the number "10";

6. in Appendix 2 to the Regulation:

• add a second sentence to item 8 as follows:

"The pledge must be insured in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

• in item 11, replace the number "20" with the number "10";

7. add a second sentence to item 1.6 of Appendix 3 to the Regulation as follows:

"The pledge must be insured in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

15. Make the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Minimum Requirements for Credit Risk Management in Credit Unions Conducting Operations in Accordance with Islamic Principles of Banking and Financing'" dated December 23, 2013 No. 52/7:

in the Regulation "On Minimum Requirements for Credit Risk Management in Credit Unions Conducting Operations in Accordance with Islamic Principles of Banking and Financing", approved by the aforementioned Resolution:

• add item 21-1 to Appendix 1 to the Regulation as follows:

"21-1. Insurance policy, in cases where the legislation of the Kyrgyz Republic on mandatory insurance or a pledge agreement imposes an obligation on the pledgor to insure the pledged property."

16. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the 'Rules for Regulating the Activities of Microfinance Organizations Conducting Operations According to Islamic Principles of Banking and Financing'" dated May 30, 2014 No. 24/11:

in the Rules for Regulating the Activities of Microfinance Organizations Conducting Operations According to Islamic Principles of Banking and Financing, approved by the aforementioned Resolution:

1. add item 14-1 as follows:

"14-1. MFC has the right to issue shares and debt securities (bonds and promissory notes), with the exception of international bonds, within limits established by the National Bank and in accordance with the legislation of the Kyrgyz Republic.

The issuance of bonds for the repayment of financing and loans is not permitted, nor is there outstanding debt on financing and loans during the last year prior to the decision to issue bonds.

Payment of shares and other securities of MFC with promissory notes is prohibited, as well as with monetary funds, securities, other things or property rights, or other rights having a monetary valuation belonging to physical and legal entities included in the sanction lists of physical and legal entities, groups, and organizations, regarding which there is information about their participation in terrorist or extremist activities and the spread of weapons of mass destruction (Consolidated Sanctions List of the Kyrgyz Republic and Consolidated Sanctions List of the United Nations Security Council)."

2. add item 23-1 as follows:

"23-1. MFC has the right to issue shares and debt securities (bonds and promissory notes), with the exception of international bonds, within limits established by the National Bank and in accordance with the legislation of the Kyrgyz Republic.

The issuance of bonds for the repayment of financing and loans is not permitted, nor is there outstanding debt on financing and loans during the last year prior to the decision to issue bonds.

Payment of shares and other securities of MFC with promissory notes is prohibited, as well as with monetary funds, securities, other things or property rights, or other rights having a monetary valuation belonging to physical and legal entities included in the sanction lists of physical and legal entities, groups, and organizations, regarding which there is information about their participation in terrorist or extremist activities and the spread of weapons of mass destruction (Consolidated Sanctions List of the Kyrgyz Republic and Consolidated Sanctions List of the United Nations Security Council)."

17. Make the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Regulating the Activities of Specialized Financial Institutions" dated March 16, 2016 No. 12/4:

in the Rules for Regulating the Activities of Specialized Financial Institutions, approved by the aforementioned Resolution:

• in sub-item "a" of item 1 in the Note of Section "Signature and Certification" of Appendix 2 to the Rules, exclude the words "or auditors".

18. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Economic Normatives and Requirements Mandatory for Compliance by Commercial Banks of the Kyrgyz Republic'" dated December 14, 2022 No. 2022-P-12/78-7-(NPA):

in the Regulation "On Economic Normatives and Requirements Mandatory for Compliance by Commercial Banks of the Kyrgyz Republic", approved by the aforementioned Resolution:

1. rephrase the line "Maximum size of risk for one borrower or group of related borrowers" in Table 1 of Appendix 1 to the Regulation as follows:

Maximum size of risk for one borrower or group of related borrowers	K1.1	AS of NCI		not more than 20%
K1.2	AS of CI		not more than 20%
K1.3	AS of NCI		not more than 30%
K1.4	AS of CI		not more than 20%

2. in Appendix 2 to the Regulation:

• in the line "Maximum size of risk for one borrower or group of related borrowers, related to the bank (K1.2)", replace the words and number "not more than 15%" with the words and number "not more than 20%";

• in the line "Maximum size of risk for interbank placements in a bank related to the bank (K1.4)", replace the words and number "not more than 15%" with the words and number "not more than 20%".

19. Make the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Regulating the Activities of JSC 'Financial Company of Credit Unions' and on Amendments to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic Regarding the Regulation of the Activities of JSC 'Financial Company of Credit Unions'" dated March 20, 2024 No. 2024-P-12/12-2-(NFQU):

in the Rules for Regulating the Activities of JSC 'Financial Company of Credit Unions', approved by the aforementioned Resolution:

• rephrase the first sentence of the seventh paragraph of item 17 as follows:

"- state securities issued by the Cabinet of Ministers of the Kyrgyz Republic and notes of the National Bank.".