RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of November 16, 2022 No. 2022-P-12/70-1-(NPA)

About modification of some regulatory legal acts of National Bank of the Kyrgyz Republic

According to articles 9 and 64 of the constitutional Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Make changes to the following resolutions of Board of National Bank of the Kyrgyz Republic (are applied):

- "About some regulatory legal acts of National Bank of the Kyrgyz Republic" of August 25, 2005 No. 26/5;

- "About the Provision "About Realization of the Islamic Principles of Financing in the Kyrgyz Republic within Pilot Project" of October 30, 2006 No. 32/2;

- "About approval of the Provision "About the Transactions Performed according to the Islamic Principles of Banking and Financing" of September 23, 2009 No. 38/8;

- "About the Provision "About Requirements to the Standard Agreements Signed according to the Islamic Principles of Banking and Financing" of September 30, 2009 No. 39/4;

- "About the Provision "About Requirements to Accounting Policy of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing" of September 30, 2009 No. 39/5;

- "About approval of the Instruction for determination of standards of sufficiency (adequacy) of the capital of the banks performing transactions according to the Islamic principles of banking and financing" of December 28, 2009 No. 51/4;

- "About some regulatory legal acts of National Bank of the Kyrgyz Republic" of December 28, 2009 No. 51/6;

- "About approval of the Provision "About the Periodic Regulating Report of the Banks Performing Transactions according to the Islamic Principles of Banking and Financing" of March 30, 2011 No. 20/4;

- "About approval of the Provision "About the Minimum Requirements on Credit Risk Management when Implementing Transactions according to the Islamic Principles of Banking and Financing" of September 25, 2013 No. 35/13;

- "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" of May 31, 2017 No. 21/13;

- "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" of May 31, 2017 No. 21/14;

- "About approval of the Provision "About the Minimum Requirements on Risk Management in the Banks Performing Transactions according to the Islamic Principles of Banking and Financing" of July 18, 2018 No. 2018-P-12/30-3-(BS);

- "About approval of the Instruction for work with bank accounts, the accounts on bank deposits (deposits) opened according to the Islamic principles of banking and financing" of June 13, 2019 No. 2019-P-12/31-2-(NPA);

- "About approval of the Provision "About Transactions of the Commercial Banks with Precious Metals Performed according to the Islamic Principles of Banking and Financing" of November 15, 2019 No. 2019-P-12/56-3-(NPA);

- "About approval of the Instruction for distribution of profits/losses according to bank accounts, accounts on bank deposits (deposits) according to the Islamic principles of banking and financing" of November 25, 2020 No. 2020-P-12/67-3-(NPA);

- "About approval of the Procedure on accounting of transaction of murabakh" of December 29, 2021 No. 2021-P-12/75-2-(NPA);

- "About approval of the Instruction for determination of standards of sufficiency (adequacy) of the capital of commercial banks of the Kyrgyz Republic" of October 12, 2022 No. 2022-P-12/63-1-(NPA).

2. To legal management:

- from the date of receipt of the relevant documents within 3 (three) working days to publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective after fifteen days from the date of official publication.

4. To management of methodology of supervision within 3 (three) working days from the date of official publication to bring this resolution to the attention of commercial banks, OYuL "Union of Banks of Kyrgyzstan", all structural divisions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

5. To hand over to the commercial banks performing activities based on licenses for the right of carrying out banking activities according to the Islamic principles of banking and financing through "Islamic window" in national and/or foreign currency no later than 10 working days from the date of entry into force of this resolution the list of the permitted banking activities to them in National Bank of the Kyrgyz Republic for their replacement.

6. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of methodology of supervision.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of November 16, 2022 No. 2022-P-12/70-1-(NPA)

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