Resolution of the Board of the National Bank of the Kyrgyz Republic No. 38/1 of November 30, 2006 on Amendments to Resolutions of the Board of the NBKR No. 32/2 and No. 36/1

Registered in the Ministry of Justice of the Kyrgyz Republic

December 12, 2006. Registration number 123-06

Bishkek

of November 30, 2006 No. 38/1

RESOLUTION OF THE BOARD OF THE NATIONAL BANK

OF THE KYRGYZ REPUBLIC

On Amendments to Resolutions 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", No. 36/1

of November 15, 2006 "On the amendment to the 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"

The Board of the National Bank of the Kyrgyz Republic, in accordance

with paragraph 4 of the Decree of the President of the Kyrgyz Republic of July 12, 2006

No. 373 "On the pilot project for the implementation of Islamic financing principles

in the Kyrgyz Republic", the instruction of the President of the Kyrgyz Republic No.

07-4930sl of November 27, 2006 on taking measures to implement the aforementioned

Decree of the President of the Kyrgyz Republic, and taking into account the appeal

of the Advisor to the President of the Kyrgyz Republic, Manager for the Kyrgyz

Republic at the Islamic Development Bank (letter No. 191 of November 29, 2006),

resolves:

1. Make the following changes and additions to the Regulation "On the implementation of Islamic financing principles

in the Kyrgyz Republic within the framework of a pilot project" (hereinafter "the

Regulation") approved by the Resolution of the Board of the NBKR No. 32/2 of October 30, 2006:

• rephrase the first sentence of paragraph 2 of section 1 as follows: "A bank in carrying out its activities must comply with all

economic norms and other requirements established by the NBKR";

• in paragraph 1 of section 1, replace the word "branch" with the words "branch/department";

• in paragraph 3 of section 1, replace the word "branch" with the words "branch/department";

• rephrase the first sentence of paragraph 1.1 of section 4 as follows: "To start the work of a branch/department in accordance with the conditions

of this Regulation and to receive an attachment to the license in the form specified

in Appendix 1 to this Regulation, authorizing the implementation of

transactions according to Islamic financing principles, the bank provides

to the NBKR the following documents:";

• throughout paragraph 1.1 of section 4, replace the word "branch" with the words

"branch/department", the words "of the branch" with the words "of the branch/department";

replace the word "branch" with the words "branch/department", the word "to the branch" with

the words "to the branch/department";

• supplement the Regulation with Appendix 1 "Attachment to the License" (attached

to this Resolution);

• rephrase paragraph 3 of section 5 as follows: "The bank carries out

operations according to Islamic principles in accordance with this Regulation

and other normative legal acts of the NBKR".

2. Exclude paragraph 2 of the Resolution of the Board of the NBKR No. 36/1 of November 15,

2006 "On the amendment to the 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".

3. The Management of Supervision and Licensing Methodology jointly with

the Legal Department shall, in the established manner, carry out state

registration of this Resolution in the Ministry of Justice of the Kyrgyz

Republic.

4. This Resolution shall enter into force from the moment of official

publication after state registration in the Ministry of Justice of

the Kyrgyz Republic.

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 implementation of this Resolution shall be entrusted to

the Deputy Chairman of the NBKR K.K. Bokonbaev.

Chairman of the Board of the National

Bank of the Kyrgyz Republic M. Alapaev

Appendix

to the Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of November 30, 2006 No. 38/1

Appendix 1

to the Regulation "On the implementation

of Islamic financing principles

in the Kyrgyz Republic

within the framework of a pilot project"

ATTACHMENT TO THE LICENSE

for the right to conduct banking operations

This attachment is issued to ______________________________________

name of the legal entity

within the framework of the implementation of the pilot project for the implementation of Islamic principles

of financing according to the Memorandum "On mutual understanding between the Kyrgyz

Republic and the Islamic Development Bank and "EcoBank", regarding

the implementation of Islamic banking and financing in the Kyrgyz

Republic" dated May 16, 2006, ratified by the Decree of the President

of the Kyrgyz Republic of July 12, 2006 No. 373.

________________________________________ may carry out transactions

(name of the legal entity)

according to the Regulation "On the implementation of Islamic financing principles in

the Kyrgyz Republic within the framework of a pilot project".

Deputy Chairman