Resolution of the Board of the National Bank of the Kyrgyz Republic No. 25/9 of June 11, 2014 on Amending the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 32/2 of October 30, 2006

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

dated June 11, 2014 No. 25/9

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 7 and 43 of the 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. To make the following addition 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:

• amend Chapter 2.3 "Murabaha Transaction" by adding point 16 as follows:

"16. The bank may enter into agreements with Islamic financial institutions to provide financing to clients under the Murabaha transaction, in compliance with principles and conditions consistent with Sharia standards. The agreement between the bank and the Islamic financial institution providing financing under the Murabaha transaction must be approved by the bank's Sharia Council.".

2. This resolution shall enter into force upon the expiration of fifteen days after its 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.

5. Control over the implementation of this resolution shall be entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic, Z.L. Chokoev.

Chairman	T.S. Abdygulov

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