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It is registered

Ministry of Justice

Kyrgyz Republic

On March 6, 2007 No. 24-07

RESOLUTION BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 2, 2007 No. 6/3

About the Instruction "About features of calculation of limits of open foreign exchange position in JSC Ekobank taking into account the transactions performed according to the Islamic principles of financing"

(as of December 16, 2010)

1. Approve the Instruction "About features of calculation of limits of open foreign exchange position in JSC Ekobank taking into account the transactions performed 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 on the Instruction "About features of calculation of limits of open foreign exchange position in JSC Ekobank taking into account the transactions performed according to the Islamic principles of financing" No. 40/6 of 15.12.2006.

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 NBKR M. Myrzabayev

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of February 2, 2007 No. 6/3

The instruction about features of calculation of limits of open foreign exchange position in JSC Ekobank taking into account the transactions performed according to the Islamic principles of financing

I. General provisions

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

1.2. The purpose of this Instruction is establishment of features of calculation of limits of open foreign exchange position in JSC Ekobank (daleebank) taking into account the transactions performed according to the Islamic principles of financing.

1.3. For the purpose of this Instruction the following determinations are applied:

1.3.1. The assets which are placed/acquired by the Islamic principles of financing - the assets which are placed/acquired on the transactions permitted by 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 30.10.06, it is registered by the MU of the KR for No. 120-06 of 30.11.06).

1.3.2. The obligations attracted according to the Islamic principles of financing - the obligations attracted on the transactions permitted by 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 30.10.06, it is registered by the MU of the KR for No. 120-06 of 30.11.06).

1.3.3. The currency risk is risk of receipt of losses by bank owing to change in value of requirements (assets)/obligations of bank expressed in foreign currency in case of adverse change of the currency rate while the bank has open foreign exchange position on this currency. The foreign exchange position arises when implementing currency transactions and is exponent of exposure of bank to currency risk.

1.3.4. Currency transactions are the transactions connected with exchange, purchase/sale (converting) of foreign currency and also other transactions as a result of which requirements (assets) or obligations expressed in foreign currency change.

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