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The document ceased to be valid since September 9, 2018 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of July 18, 2018 No. 2018-P-12/30-3-(BS)

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 28, 2009 No. 51/5

About approval of the Regulations on the minimum requirements on risk management in the banks performing transactions according to the Islamic principles of banking and financing

(as amended on 31-05-2017)

Within implementation of the Laws of the Kyrgyz Republic "About entering of amendments into the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" of March 28, 2009 No. 93 and "About entering of amendments into the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" of March 28, 2009 No. 94, according to 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 the Minimum Requirements on Risk Management in the Banks Performing Transactions according to the Islamic Principles of Banking and Financing" it (is applied).

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

3. After official publication to 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 management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks.

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

 

Chairman

M. Alapayev

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of December 28, 2009 No. 51/5

Regulations on the minimum requirements on risk management in the banks performing transactions according to the Islamic principles of banking and financing

1. General provisions

1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 31.05.2017 No. 21/10

2. The purpose of this provision is determination of the minimum requirements to forming of adequate risk management system and requirements to the organization of internal control in the commercial banks performing transactions by the Islamic principles of banking and financing including the banks having "Islamic window" (daleebanka).

3. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 31.05.2017 No. 21/10

4. For the purpose of this provision investment accounts are customer accounts in which the funds raised by 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.

2. Organization of risk management

5. For the purpose of risk minimization, inherent in activities of bank, the bank shall have the concept approved by the Board of directors and policy on risk management, corresponding to its scales, requirements and complexity of the performed operations.

The concept on risk management of bank shall provide one of the following approaches:

1) development and acceptance separate the politician for each type of risk;

2) availability of the single policy of bank on risk management providing questions of risk management in other domestic policy (policy on asset-liability management, liquidity policy or other politicians).

6. The concept on risk management shall provide consideration and risks assessment, accepted by bank, in total, i.e. to reflect mutual influence of risks in all operations performed by bank.

Obligation of the following shall be determined by the concept of bank:

1) risk identification shall be performed on permanent basis and be guided by identification of the current risks and risks arising in case of expansion of activities and development of new banking products and services including, by compliance to their standards of Sharia;

2) risks measurement shall be taken taking into account the external and internal conditions influencing activities of bank. The instruments of risk measurement used by bank shall reflect complexity and risk level, accepted by bank. The bank needs to estimate the instruments of risk measurement used by it periodically;

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