THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS OF THE REPUBLIC OF KAZAKHSTAN

of March 27, 2009 No. 51

About approval of Rules of the choice of Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan and transfer of the property acquired by the money attracted under the agreement on the investment deposit and obligations on investment deposits of the liquidated Islamic bank which is compulsorily stopping activities of branch of Islamic nonresident bank of the Republic of Kazakhstan by it

According to Item 3 of Article 74-1, part twelve of Item 5 of article 74-5 of the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules of the choice of Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan and transfer of the property acquired by the money attracted under the agreement on the investment deposit and obligations on investment deposits of the liquidated Islamic bank which is compulsorily stopping activities of branch of Islamic nonresident bank of the Republic of Kazakhstan to them.

2. This resolution becomes effective after ten calendar days after day of its first official publication.

3. To department of liquidation of the financial organizations (Zhumabayeva Z. S.):

1) together with Legal department (Sarsenov N. V.) to take measures to state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) in ten-day time from the date of state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan to bring it to the attention of the interested divisions of the Agency and Consolidation of legal entities "The association of financiers of Kazakhstan".

4. To service of the Chairman of the Agency (Kenzhe A. A.) take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

5. To impose control of execution of this resolution on the vice-chairman of the Agency Kozhakhmetov K. B.

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of March 27, 2009 No. 51

Rules of the choice of Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan and transfer of the property acquired by the money attracted under the agreement on the investment deposit and obligations on investment deposits of the liquidated Islamic bank which is compulsorily stopping activities of branch of Islamic nonresident bank of the Republic of Kazakhstan to them

Chapter 1. General provisions

1. These rules are developed according to Item 3 of Article 74-1, part twelve of Item 5 of article 74-5 of the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" (further - the Law on banks) and determine procedure for the choice of Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan and transfer of the property acquired by the money attracted under the agreement on the investment deposit and obligations on investment deposits of the liquidated Islamic bank which is compulsorily stopping activities of branch of Islamic nonresident bank of the Republic of Kazakhstan to them.

2. For the purpose of application of these rules the following concepts are used:

1) the depositor - the client of the liquidated Islamic bank which is compulsorily stopping activities of branch of Islamic nonresident bank of the Republic of Kazakhstan, the signed agreement on the investment deposit;

2) the investment deposit - the money transferred by the client to Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan for certain term without guarantee of their return in nominal terms, with condition of payment of the income on it depending on results of use of the transferred money according to the procedure, the provided agreement on the investment deposit;

3) Islamic bank - the bank of the second level performing the banking activity provided by Chapter 4-1 of the Law on banks based on the license of authorized body;

4) the accepting Islamic bank - the Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan chosen by liquidation commission for transfer to them of property and obligations of the liquidated Islamic bank which is compulsorily stopping activities of branch of Islamic nonresident bank of the Republic of Kazakhstan;

5) liquidation commission - the body appointed (exempted) by authorized body in case of decision making about involuntary liquidation of Islamic bank, the forced termination of activities of branch of Islamic nonresident bank of the Republic of Kazakhstan or appointed by Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan in case of receipt of permission to their voluntary liquidation (the voluntary termination), performing under direct management of the chairman of liquidation commission of power on property management and cases of Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan during liquidation procedure (the forced termination of activities) for the purpose of completion of cases of Islamic bank, branch of Islamic nonresident bank of the Republic of Kazakhstan and ensuring settlings with his creditors;

6) the liquidated Islamic bank - the Islamic bank which is in process of involuntary or voluntary liquidation, the branch of Islamic nonresident bank of the Republic of Kazakhstan which is in process of the forced or voluntary termination of activities;

7) property and obligations of the liquidated Islamic bank - the property acquired by the money attracted under the agreement on the investment deposit and the obligation on investment deposits of the liquidated Islamic bank which is compulsorily stopping activities of branch of Islamic nonresident bank of the Republic of Kazakhstan;

8) authorized body - authorized body on regulation, control and supervision of the financial market and the financial organizations.

3. The basis for cession of property and obligations of the liquidated Islamic bank according to these rules is the judgment which took legal effect about involuntary liquidation of Islamic bank or permission of authorized body to voluntary liquidation of Islamic bank.

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