RESOLUTION OF BOARD OF NATIONAL BANK OF TAJIKISTAN

of December 24, 2021 No. 195

About the Instruction No. 249 "About procedure for regulation of activities of the Islamic microfinancial organizations"

According to articles 6 and 7 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" and Articles 5, of 10, of 20, of 22, of 24, of 33, of 34, of 35, of 47, 51 and 58 Laws of the Republic of Tajikistan "About Islamic banking activity", the Board of National Bank of Tajikistan, decides:

1. Approve the Instruction No. 249 "About procedure for regulation of activities of the Islamic microfinancial organizations" (are applied).

2. In accordance with the established procedure to provide this resolution to the Ministry of Justice of the Republic of Tajikistan for state registration and to enact after state registration and official publication.

3. Authorize department of banking supervision in case of state registration of this resolution in the Ministry of Justice of the Republic of Tajikistan, if necessary to bring in the text of its appendix of change and amendment of editorial nature, the contents which are not changing it.

4. To assign execution of Item 2 of this resolution to the secretary of Board, department of banking supervision, legal management and department of the press.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of Tajikistan Tolibzoda Firdavs Nazrimad.

Approved by the Resolution of Board of National Bank of Tajikistan of December 24, 2021 No. 195

The instruction No. 249 "About procedure for regulation of activities of the Islamic microfinancial organizations"

The instruction No. 249 about procedure for regulation of activities of the Islamic microfinancial organizations (further - the Instruction) is developed according to articles 6 and 7 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" and Articles 5, of 10, of 20, of 22, of 24, of 33, of 34, of 35, of 47, 51 and 58 Laws of the Republic of Tajikistan "About Islamic banking activity" and establishes procedure for regulation of activities of the Islamic microfinancial organizations (except for the Islamic microcredit deposit institutions).

Chapter 1. General provisions

1. In this Instruction the following basic concepts are used:

- the income or profit - concerning determinations "the Islamic credit" different forms of the income, dividend or benefit, rent (markup), and also commission charges or gifts which are subject to payment or representation to Islamic microcredit institution;

- Islamic credit institutions - legal entities (Islamic banks, Islamic non-bank credit institutions and the Islamic microfinancial organizations, including "Islamic bank window") performing all or separate Islamic banking activities provided by the Law of the Republic of Tajikistan "About Islamic banking activity" based on the license of National Bank of Tajikistan;

- the Islamic microfinancial organizations - the Islamic credit institutions which are engaged in Islamic microfinancial activities based on the license of National Bank of Tajikistan. The amount of Islamic microfinancing is established by regulatory legal acts of National Bank of Tajikistan;

- Islamic bank window - the branch of conventional credit institution performing everything or part of Islamic banking activities based on the license of National Bank of Tajikistan;

- Islamic microfinancing / microcredit - financing or the loan granted to the client by the Islamic microfinancial organization according to the principles of Islamic financing can also include terms of return of the main amount, profit, lease or for services and is established for physical persons in the amount of no more than 250 000 (two hundred fifty thousand) somoni and for legal entities in the amount of no more than 500 000 (five hundred thousand) somoni.

- committee on Islamic financial services - the body of Islamic microcredit institution which is responsible for compliance of the agreements (agreements) signed by them to standards of Islamic banking activity;

- the credit financial institutions - the credit institutions and Islamic credit institutions performing the activities provided by the law based on the license of National Bank of Tajikistan;

- the principles of Islamic financing - implementation of Islamic banking activity with observance of the standards based on the regulations of the Islamic right applied to rendering banking services;

- standards of Islamic banking activity - the set of rules, approved by the Advisory board on Islamic banking services and approved by National Bank of Tajikistan according to which Islamic credit institutions perform Islamic banking activity.

Chapter 2. Capital of the Islamic microfinancial organizations

2. The minimum size of the authorized capital for again created Islamic microcredit institutions is established in the amount of 4 000 000 (four million) somoni.

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