Resolution of the Board of the National Bank of the Kyrgyz Republic No. 40/4 of 28 September 2016 on Amending and Supplementing 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' of 30 October 2006 No. 32/2"

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Date of creation: 2016-10-06

Resolution of the Board of the National Bank of the Kyrgyz Republic of 28 September 2016 No. 40/4

On Amending and Supplementing 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' of 30 October 2006

No. 32/2

In accordance with Articles 7 and 43 of the Law "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

1. To amend and supplement 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' of 30 October 2006 No. 32/2 (attached).

2. This resolution shall enter into force upon the expiry of fifteen days from the day of its official publication.

3. The Legal Department shall:

• 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 Normative Legal Acts of the Kyrgyz Republic.

4. The Supervision and Licensing Methodology Department shall bring this resolution to the attention of commercial banks, the Legal Entity Association "Union of Banks of Kyrgyzstan", the State Development Bank of the Kyrgyz Republic, regional departments and the representative office of the National Bank of the Kyrgyz Republic in Batken region.

5. Control over the execution of this resolution shall be assigned to member of the Board of the National Bank of the Kyrgyz Republic Dzhusupov T.Dzh.

Chairman T. Abdygulov

Annex

to the Resolution of the Board of the National Bank of the Kyrgyz Republic of 28 September 2016 No. 40/4

Amendments and Supplements 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' of 30 October 2006

No. 32/2

To introduce the following amendments and supplements 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' of 30 October 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 above-mentioned resolution:

• the first sentence of the first paragraph of point 1 of Chapter 2.3 shall be supplemented with the words ", or being in the ownership of the bank at the time of the client's request";

• point 3 of Chapter 2.3 shall be supplemented with a third paragraph of the following content:

"Property received by the bank in repayment of previously issued financing, as well as other property, may be sold within the framework of a Murabaha transaction subject to compliance with the requirements established in the Regulation 'On Certain Transactions/Operations of Commercial Banks and Microfinance Companies of the Kyrgyz Republic with Real Estate', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of 29 August 2012 No. 36/2.";

• the first sentence of point 1 of Chapter 2.4 after the words "other property into ownership" shall be supplemented with the words ", or being in the ownership of the bank at the time of the client's request";

• the first paragraph of point 4 of Chapter 2.4 shall be set out in the following wording:

"4. An Ijara transaction shall be concluded by the bank on the basis of the client's application and the financial and legal documents necessary for making a decision on concluding the contract.".

• in point 39 of Chapter 2.8, the second sentence shall be deleted.

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