RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 14, 2024 No. 2024-P-12/5-4-(NPA)

About approval of the Provision "About Requirements to Forming, the Publication and Provision in National Bank of the Kyrgyz Republic of the Financial Reporting the Non-bank Financial Credit Institutions Performing Transactions according to the Islamic Principles of Banking and Financing"

According to Articles 5, "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides 9 and 64 constitutional Laws of the Kyrgyz Republic:

1. Approve the Provision "About Requirements to Forming, the Publication and Provision in National Bank of the Kyrgyz Republic of the Financial Reporting the Non-bank Financial Credit Institutions Performing Transactions according to the Islamic Principles of Banking and Financing" it (is applied).

2. Recognize invalid:

1) the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About requirements to forming of the financial reporting and submission of information by the non-bank financial credit institutes which are performing activities according to the Islamic principles of banking and financing or having "Islamic window" of December 21, 2016 No. 49/9;

2) in the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic and recognition voided some regulatory legal acts of National Bank of the Kyrgyz Republic" of June 15, 2017 No. 2017-P-12/25-12-(NPA):

- subitem 36 of Item 1;

- Item 36 of appendix to the above-stated resolution.

3. 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.

4. This resolution becomes effective after 15 (fifteen) days from the date of official publication.

5. 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 JSC Finance Company of Credit Unions, Consolidation of legal entities "Association of the microfinancial organizations", Associations of legal entities "National association of credit unions and cooperatives", the microfinancial organizations, credit unions having the license for the right of attraction of deposits.

6. To department "Secretariat of Board" within 3 (three) working days to bring this resolution to the attention of management of supervision of the non-bank organizations, regional managements and Representative office of National Bank of the Kyrgyz Republic in Batken Province.

7. 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 February 14, 2024 No. 2024-P-12/5-4-(NPA)

Regulations on requirements to forming, the publication and provision in National Bank of the Kyrgyz Republic of the financial reporting the non-bank financial credit institutions performing transactions according to the Islamic principles of banking and financing

Chapter 1. General provisions

1. This Provision determines components, content and the basic rules of the publication and accounts presentation by the non-bank financial credit institutions and other legal entities, persons under surveillance to National Bank of the Kyrgyz Republic (further - National Bank) performing transactions according to the Islamic principles of banking and financing including through "Islamic window".

2. Regulations of this provision extend to the performing transactions according to the Islamic principles of banking and financing, including through "Islamic window", microfinance companies (further - IFC), the microcredit companies booking external audit of the activities on annual basis (further - MKK), the credit unions having the license for the right of attraction of deposits (deposits) from the participants (further - KS), specialized financial credit institutions (further - SFKO) (further - NFKO).

3. NFKO which are in the mode of temporary administration also constitute and represent the financial reporting according to this Provision.

4. Regulations of this provision do not extend to NFKO which are in process of liquidation and bankruptcy.

5. The financial reporting NFKO represents the structured representation of financial position and financial results of the activities performed by NFKO for the accounting period.

6. The financial reporting NFKO shall represent objectively financial position, financial results of activities of NFKO and conform to standards of the Organization of financial accounting and audit for Islamic financial institutions (further - AAOIFI), and in case of lack of certain standards of AAOIFI to conform to the IFRS standards provided that they will not contradict the standards of Sharia approved by AAOIFI and to requirements of the legislation of the Kyrgyz Republic.

The financial reporting NFKO, having "Islamic window", is submitted according to Chapter 13 of this provision.

7. The purpose of the financial reporting NFKO is:

- the structured submission of information on financial position, financial results of activities, assets, obligations, the capital, the income, expenses, profits and losses of NFKO useful for a wide range of users in case of adoption of economic decisions by them;

- submission of information on results of resource management to NFKO;

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