Resolution of the Board of the National Bank of the Kyrgyz Republic No. 36/1 of November 15, 2006 on Amending Resolution No. 32/2 on the Implementation of Islamic Financing Principles in the Kyrgyz Republic within the Pilot Project

Registered in the Ministry of Justice of the Kyrgyz Republic

November 30, 2006. Registration number 121-06

Bishkek

of November 15, 2006 No. 36/1

RESOLUTION OF THE BOARD OF THE NATIONAL BANK

OF THE KYRGYZ REPUBLIC

On amending Resolution of the Board of the NBKR

No. 32/2 of October 30, 2006 "On the Regulation 'On the implementation

of Islamic financing principles in the Kyrgyz

Republic within the framework of a pilot project'"

(In the edition of the Resolution of the Board of the NBKR of

November 30, 2006 No. 38/1)

The Board of the National Bank of the Kyrgyz Republic in connection with the

recommendations of the Meeting of November 15, 2006 with the participation of the State

Secretary of the Kyrgyz Republic, heads of interested

parties, members of the Steering Committee, formed by the Kyrgyz

Republic and JSC "EcoBank" for the implementation of the Memorandum of Understanding

between the Kyrgyz Republic, the Islamic Development Bank and JSC "EcoBank"

regarding the introduction of Islamic banking principles and financing

in the Kyrgyz Republic (the meeting protocol is attached), decides:

1. Agree with point 1 of the recommendations on amending

point 3 Resolution of the Board of the NBKR No. 32/2 of October 30, 2006 "On Regula-

tion 'On the implementation of Islamic financing principles in the Kyrgyz Repub-

lic within the framework of a pilot project'.

Point 3 Resolution of the Board of the NBKR No. 32/2 of October 30, 2006 is set

forth in the following wording: "To oblige JSC 'EcoBank', as a participant in the pi-

lot project, to respect the interests of residents of the Kyrgyz Republic and not

to attract funds from individuals - residents of the Kyrgyz

Republic in the course of carrying out operations under Regulation 'On the implementa-

tion of Islamic financing principles in the Kyrgyz Republic within the

framework of a pilot project'."

2. (Excluded in accordance with resolution of the Board of the NBKR

of November 30, 2006 No. 38/1)

3. The Department of Supervision and Licensing Methodology jointly with

the Legal Department to send this resolution to the Ministry

of Justice of the Kyrgyz Republic.

4. This resolution enters into force from the moment of its signing.

5. Control over the implementation of this resolution is assigned to

Bokontaev K.K., Deputy Chairman of the National Bank of the Kyrgyz

Republic.

Chairman of the Board of the National

Bank of the Kyrgyz Republic M. Alapaev