RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 31, 2017 No. 21/14

About approval of the Provision "About requirements to forming of the financial reporting of Ekoislamikbank Ltd by results of the transactions performed within realization of pilot project on implementation of the Islamic principles of financing in the Kyrgyz Republic"

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 Ekoislamikbank Ltd by results of the transactions performed within realization of pilot project on implementation of the Islamic principles of financing in the Kyrgyz Republic" 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 JSC Ekobank by results of the transactions performed within realization of pilot project on implementation of the Islamic principles of financing in the Kyrgyz Republic" of June 27, 2008 No. 25/5.

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. 21/14

Regulations on requirements to forming of the financial reporting of Ekoislamikbank Ltd by results of the transactions performed within realization of pilot project on implementation of the Islamic principles of financing in the Kyrgyz Republic

Chapter 1. General provisions

1. This Provision is developed within realization of pilot project on implementation of the Islamic principles of financing in the Kyrgyz Republic.

2. The purpose of the financial reporting is submission of information on financial position and financial results of Ekoislamikbank Ltd (further - bank) on the transactions performed by the Islamic principles of financing, useful for a wide range of users in case of adoption of economic decisions by them.

3. The bank shall create and represent the additional (separate) financial reporting on the transactions performed by the Islamic principles of financing in the form of appendix to notes to consolidated financial statements of bank.

4. The financial reporting by results of the transactions performed by the Islamic principles of financing shall correspond to International accounting standards (further - IFRS).

5. The accounting policy of bank approved by the Board of directors of bank shall include in the structure the Procedure for forming of the financial reporting of bank by results of the transactions performed by the Islamic principles of financing.

Chapter 2. General requirements to the financial reporting by results of the transactions performed by the Islamic principles of financing

6. The additional (separate) financial reporting of bank by results of the transactions performed by the Islamic principles of financing consists of the following components:

1) financial status statement;

2) comprehensive income statement;

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

4) conclusion of Sharia council of the bank;

5) accounting policy and notes to the financial reporting.

Chapter 3. Procedure and terms of representation and the publication of the financial reporting by results of the transactions performed by the Islamic principles of financing

7. The publication and accounts presentation of bank by results of the transactions performed by the Islamic principles of financing in consolidated financial statements of bank is performed according to requirements of Section 3 of the Regulations on requirements to forming of the financial reporting of commercial banks of the Kyrgyz Republic, the approved Resolution of Board of National Bank of March 12, 2010 No. 6/2.

8. Except representation and the publication of the financial reporting by results of the transactions performed by the Islamic principles of financing, the bank shall represent also:

- monthly the financial status statement by results of the transactions performed by the Islamic principles of financing, the comprehensive income statement by results of the transactions performed by the Islamic principles of financing (the monthly financial reporting);

- quarterly the financial status statement by results of the transactions performed by the Islamic principles of financing, the comprehensive income statement by results of the transactions performed by the Islamic principles of financing (the quarterly financial reporting).

Representation and the publication of the financial reporting by results of the transactions performed by the Islamic principles of financing on monthly and quarterly basis is performed according to requirements of Section 4 of the Regulations on requirements to forming of the financial reporting of commercial banks of the Kyrgyz Republic, the approved Resolution of Board of National Bank of March 12, 2010 No. 6/2.

Chapter 4. The financial status statement by results of the transactions performed by the Islamic principles of financing

9. The financial status statement by results of the transactions performed by the Islamic principles of financing is created according to requirements of Section 6 of the Regulations on requirements to forming of the financial reporting of commercial banks of the Kyrgyz Republic approved by the Resolution of Board of National Bank of March 12, 2010 No. 6/2.

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