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The document ceased to be valid since June 22, 2017 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of May 31, 2017 No. 21/12

It is registered

Ministry of Justice

Kyrgyz Republic

On March 6, 2007 No. 23-07

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 2, 2007 No. 6/2

About the Provision "About requirements to transactions with insiders and affiliates when implementing JSC Ekobank of transactions according to the Islamic principles of financing

Having considered the project of the Provision "About requirements to transactions with insiders and affiliates when implementing JSC Ekobank of transactions according to the Islamic principles of financing", being guided by articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Provision "About Realization of the Islamic Principles of Financing in the Kyrgyz Republic within Pilot Project" (it is approved by the resolution of Board of NBKR No. 32/2 of 30.10.2006, it is registered by the Ministry of Justice of the Kyrgyz Republic No. 120-06 of 30.11.2006), the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About requirements to transactions with insiders and affiliates when implementing JSC Ekobank of transactions according to the Islamic principles of financing" it (is applied).

2. Send this resolution to the Steering committee created within implementation of the Memorandum of understanding between the Kyrgyz Republic, Islamic Development bank and Ekobank concerning implementation of Islamic banking and financing in the Kyrgyz Republic of May 16, 2006.

3. To management of methodology of supervision and licensing together with Legal department to carry out in accordance with the established procedure state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic.

4. This resolution becomes effective from the moment of official publication after state registration in the Ministry of Justice of the Kyrgyz Republic.

5. After publication of the registered regulatory legal act to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

6. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic No. 40/8 of December 15, 2006 "About the Provision "About requirements to transactions with insiders and affiliates when implementing JSC Ekobank of transactions according to the Islamic principles of financing".

7. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

For the Chairman of the board

Acting Chairman of the board

National Bank

Kyrgyz Republic

M. Myrzabayeva

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of February 2, 2007 No. 6/2

Provision "About requirements to transactions with insiders and affiliates when implementing JSC Ekobank of transactions according to the Islamic principles of financing"

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 this provision is establishment of requirements to transactions with insiders and affiliates when implementing activities according to the Islamic principles of financing in JSC Ekobank (further - bank).

1. Basic concepts

For the purposes of this provision the following determinations are used:

Insiders (internal persons of bank) are the board members, board members, other officials, considerable participants and any other physical persons connected with specified persons common interests.

The official of bank - the chairman and other board members of bank, the chairman of the board, board members of bank, the main bank employees on finance, on the credits. "Officials of bank" are also understood as persons who determine policy of bank or have powers to participate or really participate in the main transactions of bank creating policy of bank irrespective of whether these persons on a grant basis work or earn reward. This determination extends also to officials of mother company of bank.

Sharia council - the body created in bank for determination of compliance of transaction types and agreements of bank to the Islamic principles of financing.

All restrictions on transactions set by this Provision concerning approval of transactions, provision of the reporting under transactions and respect for the principle of impartiality extend to members of Sharia council.

The minimum requirements imposed to Sharia council are determined by the corresponding normative and legal acts of National Bank of the Kyrgyz Republic (further - NBKR).

Considerable participation - individual or together with other persons:

- immediate or indirect possession or management of ten and more percent of voting shares (any type) of joint-stock company, ten and more percent of the authorized capital of the legal entity which is not joint-stock company;

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