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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 31, 2017 No. 21/13

About approval of the Provision "About Requirements to Forming of the Financial Reporting of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing"

(as amended on 20-12-2023)

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Requirements to Forming of the Financial Reporting of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing" it (is applied):

2. Declare invalid the Resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Requirements to Forming of the Financial Reporting of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing" of November 25, 2009 No. 47/3.

3. To legal management:

- publish this Resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this Resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. This Resolution becomes effective on June 22, 2017.

5. To management of methodology of supervision and licensing to bring this Resolution to the attention of the operating commercial banks, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this Resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova T.Dzh.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of May 31, 2017 No. 21/13

Regulations on requirements to forming of the financial reporting of the commercial banks performing transactions according to the Islamic principles of banking and financing

Chapter 1. General provisions

1. This Provision determines structure, content and the basic rules of creation and provision of the financial reporting by the commercial banks performing transactions according to the Islamic principles of banking and financing (further by the text - Islamic bank), the banks having "Islamic window", mother company (the head company) of banking group in National Bank of the Kyrgyz Republic (further - National Bank).

The financial reporting of banking group is submitted on the consolidated basis mother company of banking group (further - consolidated financial statements of banking group).

Requirements of this provision extend to mother companies (the head companies) - residents of the Kyrgyz Republic.

2. The financial reporting of Islamic bank represents the structured representation of financial position and result of activities for the accounting period.

3. The financial reporting of Islamic bank shall represent objectively its financial position and conform to standards of the Organization of financial accounting and audit for Islamic financial institutions (further in the text - AAOIFI), and in case of lack of certain standards, the bank can use the IFRS standards provided that they will not contradict standards of Sharia, approved by AAOIFI.

The financial reporting of the bank having "Islamic window" is submitted according to Chapter 11 of this provision.

4. The purpose of the financial reporting of Islamic bank is:

1) provision of reliable information by means of periodic financial status statements, financial results of the activities and cash flow of Islamic bank useful to users in case of adoption of economic decisions by them;

2) submission of information on assets, obligations, means on investment accounts, the capital, the income and expenses (including profits and losses) and cash flow;

3) provision of information on respect of the principles of Sharia by Islamic bank, and also about the actions undertaken by Islamic bank for respect for these principles including information concerning use (order) of profit and losses received on the transactions which are not conforming to standards of Sharia if those take place.

5. The accounting policy of Islamic bank approved by the Board of directors and Sharia council shall include the Procedure for forming of the financial reporting of Islamic bank in the structure.

If the member of banking group uses the accounting policy other than the accounting policy accepted for creation of consolidated financial statements of banking group concerning similar transactions and events in similar conditions, then in the course of preparation of consolidated financial statements its financial reporting is as appropriate transformed.

6. The Islamic bank which is in the mode of temporary administration also represents the financial reporting according to this Provision.

6-1. The management of bank shall provide timely and reliable preparation and accounts presentation of bank in National Bank at the scheduled time. In case of violation by banks of procedure and terms of accounts presentation, representation of unreliable information, and also the publication of reports without observance of the requirements established by the legislation, corrective actions, stipulated by the legislation the Kyrgyz Republic are applied to bank and its management.

Chapter 2. General requirements to structure and contents of the financial reporting

7. Financial statements shall reflect all information, necessary for users, which shall be adequate and reliable.

8. The financial reporting of Islamic bank includes the following components:

1) statement of financial position as at the end of the period;

2) comprehensive income statement for the period;

3) report on changes in equity for the period;

4) cash flow statement for the period;

5) report on sources of forming and use of money of cards;

6) conclusion of Sharia council;

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