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"

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.

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.

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