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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. 21/13

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of November 25, 2009 No. 47/3

About the Provision "About Requirements to Forming of the Financial Reporting of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing"

Having considered the project of the Provision "About Requirements to Forming of the Financial Reporting of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing", being guided by articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Requirements to Forming of the Financial Reporting of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing", according to appendix to this resolution.

2. This resolution becomes effective after one month after official publication.

3. Send to legal department 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. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

 

Chairman Alapayev M. O.

Approved by the resolution of Board of National Bank of the Kyrgyz Republic of November 25, 2009 No. 47/3

Regulations on requirements to forming of the financial reporting of the commercial banks performing transactions according to the Islamic principles of banking and financing

1. General provisions

1.1. This Provision is developed according to the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic", "About financial accounting" and other regulatory legal acts of the Kyrgyz Republic.

1.2. This Provision determines structure, content and the basic rules of financial reporting preparation by the commercial banks performing transactions according to the Islamic principles of banking and financing (further by the text - Islamic bank), and the banks having "Islamic window".

1.3. In this Provision concepts according to conceptual framework of the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" are used.

1.4. For the purpose of this provision investment accounts are customer accounts in which the funds raised by Islamic bank on the basis of the agreement of mudarab are reflected. Depending on agreement type of mudarab the investment account can be "unrestricted" or "limited".

1.5. The financial reporting of Islamic bank represents the structured representation of financial position and result of activities for the accounting period.

1.6. The financial reporting of Islamic bank shall represent objectively its financial position and conform to standards of the Organization of financial accounting and audit for Islamic financial institutions (further in the text - AAOIFI), and in case of lack of certain standards, the bank can use the IFRS standards provided that they will not contradict standards of Sharia of the approved AAOIFI.

1.7. The purpose of the financial reporting of Islamic bank is:

* provision of reliable information by means of periodic financial status statements, financial results of the activities and cash flow of Islamic bank useful to users in case of adoption of economic decisions by them;

* submission of information on assets, obligations, means on investment accounts, the capital, the income and expenses (including profits and losses) and cash flow;

* provision of information on respect of the principles of Sharia by Islamic bank, and also about the actions undertaken by Islamic bank for respect for these principles including information concerning use (order) of profit and losses received on the transactions which are not conforming to standards of Sharia if those take place.

1.8. The accounting policy of Islamic bank approved by the Board of directors and Sharia council shall include the Procedure for forming of the financial reporting of Islamic bank in the structure.

1.9. This Provision does not extend to the Islamic banks which are in process of liquidation and bankruptcy and also in case of appointment of the conservative according to the Law of the Kyrgyz Republic "About preservation, liquidation and bankruptcies of banks".

2. General requirements to the financial reporting and its structure

2.1 Financial statements shall reflect all information, necessary for users, which shall be adequate and reliable.

2.2 The financial reporting of Islamic bank includes:

a) report on financial condition on the balance sheet;

b) income statement;

c) cash flow statement;

d) report on changes in capital structure;

e) accounting policy, conclusion of Sharia council, explanatory note (disclosures) and other auxiliary reports and disclosures.

The explanatory note (disclosures) to the financial statement shall be capacious and clear, and also have the cross reference to the corresponding financial statement items if it is necessary. The explanatory note (disclosures) attached to the financial reporting is its integral part.

2.3 For the purpose of the financial reporting the accounting period for Islamic bank is the period from January 1 to December 31 calendar year inclusive.

2.4 For newly created Islamic bank the period from the date of its state registration till December 31 inclusive first accounting year is considered.

2.5 For the Islamic bank created after October 1 the period from the date of its state registration till December 31 of the next year inclusive first accounting year is considered.

2.6 In exceptional cases, when the accounting period of Islamic bank changes and the financial reporting is submitted for the period is more long or shorter than one year, the Islamic bank shall open in addition to the financial reporting:

* the reason of use of the period differing from established;

* the fact that comparative amounts for income statements, about equity changes, cash flow and the corresponding notes are not comparable.

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