Document from CIS Legislation database © 2003-2023 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of October 12, 2012 No. 40/1

About approval of the Instruction "About limits of the financing performed according to the Islamic principles of banking and financing"

(as amended on 15-12-2021)

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 Instruction "About limits of the financing performed according to the Islamic principles of banking and financing".

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic and in the "Regulations of National Bank of the Kyrgyz Republic" magazine;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. This resolution becomes effective after 15 days after official publication.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Chokoyev Z. L.

 

Chairman

Z.Asankozhoyeva

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of October 12, 2012 No. 40/1

The instruction about limits of the financing performed according to the Islamic principles of banking and financing

1. General provisions

1. This Instruction extends to the Islamic banks and banks having "Islamic window".

2. The purpose of this Instruction is establishment of limits of the financing performed according to the Islamic principles of banking and financing, and also the requirements and procedures obligatory to execution by the Islamic banks and banks having "Islamic window".

3. Limits of financing are the restrictions of risk for one customer / supplier or group of the connected customers / suppliers (further - one customer / supplier) established by National Bank of the Kyrgyz Republic (further - National Bank) through the economic standard rate "The maximum extent of risk on one customer / supplier or group of the connected customers / suppliers".

2. Procedure of payments of the standard rate of the maximum extent of risk on one customer / supplier

4. The standard rate of the maximum extent of risk on one customer / supplier (To 1) it is calculated by the following formula:

K1 = SZ / CHSK * 100%,

where as total debt, or requirements - SZ - is understood total debt of one customer / software supplier:

- to the financing provided according to the Islamic principles of banking and financing (regardless of repayment period),

- to factoring,

- to interbank placements,

- to investments in the form of debt obligations,

- to markup and other forms of compensation on the financing provided according to the Islamic principles of banking and financing

- to any other type of direct or indirect issue of means to clients/suppliers which in fact are financing,

- to the amount of the off-balance obligations (guarantees, letters of credit, obligations for financing provision) issued to this customer / supplier

- to any risk of Islamic bank concerning the third party which certainly is guaranteed by this client;

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