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The document ceased to be valid since  February 10, 2016 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of  December 9, 2015 No. 76/9

It is registered

Ministry of Justice

Kyrgyz Republic

On October 25, 2002 No. 135-02

RESOLUTION BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 11, 2002 No. 37/2

About  the Provision "About Creation and Activities of the Microcredit Companies and the Mikrocreditny Agencies in the Kyrgyz Republic"

(as amended on 14-10-2015)

Having considered the Provision "About Creation of the Microcredit Companies and Mikrocreditny Agencies in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve Regulations on creation and activities of the microcredit companies and the mikrocreditny agencies in the Kyrgyz Republic it (is applied).

2. Enact this Provision from the moment of state registration in the Ministry of Justice of the Kyrgyz Republic.

3. To legal department to carry out state registration of the Regulations on creation of the microcredit companies and the mikrocreditny agencies in the Kyrgyz Republic in the Ministry of Justice of the Kyrgyz Republic.

4. To department of external and public relations of NBKR to publish Regulations on creation of the microcredit companies and the mikrocreditny agencies in the Kyrgyz Republic within three days from the moment of the introduction in action.

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

Chairman of the board

Sarbanov U. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of September 11, 2002 No. 37/2

Regulations on creation and activities of the microcredit companies and mikrocreditny agencies

The provision is developed according to the Civil code of the Kyrgyz Republic, the laws of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic", "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic", "About state registration of legal entities, branches (representations)" both others legislative and regulations of the KR and determines procedure for creation and licensing of the microcredit companies and mikrocreditny agencies.

1. General provisions

1.1 Microcredit is activities of the microfinancial organizations for provision of the microcredits to physical persons and legal entities for implementation of the purposes of the microfinancial organizations determined by the law "About the Microfinancial Organizations in the Kyrgyz Republic".

1.2 The microcredit is the money provided by the microfinancial organization to physical persons and legal entities according to the law "About the Microfinancial Organizations in the Kyrgyz Republic" and articles of organization.

1.3. The microcredit company (further - MKK) is the microfinancial organization which is commercial specialized credit institute which in the presence of the certificate of National Bank performs microcredit (issues the secure and unsecured microcredits) physical persons and legal entities in national currency, including according to the Islamic principles of banking and financing (except for attraction of money according to transactions of "mudarab" and "cards Hassan"), at the expense of own means and borrowed funds from legal entities, founders (shareholders) within the restrictions set by National Bank of the Kyrgyz Republic (further - National Bank) on the conditions stipulated with the borrower.

1.4. The Mikrocreditny agency (further - MKA) is the specialized credit institute created in the form of non-profit organization behind the exceptions established by the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic", the received certificate of National Bank and the performing microcredit of physical persons and legal entities in national currency including according to the Islamic principles of banking and financing (except for attraction of money according to transactions of "mudarab" and "cards Hassan"), according to the authorized purposes of non-profit organization.

1.5. "Backbone are considered as MKK/MKA which have the system importance for the microfinancial sector. Criteria of the system importance are determined by regulatory legal acts of National Bank. The special mode of regulation and supervision established by National Bank of the Kyrgyz Republic is applied to backbone MKK/MKA

2. Procedure for consideration of the documents submitted by the microcredit company / mikrocreditnym the agency for receipt of the letter consent on registration in the Ministry of Justice of the Kyrgyz Republic

2.1 MKK is created in any of forms of business of the commercial organization, stipulated by the legislation by the KR.

2.2 MKA is created in forms of business of non-profit organization, except for political parties, labor unions and the religious organizations.

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