RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 27, 2015 No. 94

About approval of Requirements to external independent experts by the principles of Islamic financing, and also determination of cases of involvement of external independent experts by lessors by the principles of Islamic financing for receipt of the conclusion about compliance of transactions of Islamic leasing to the principles of Islamic financing

According to the Law of the Republic of Kazakhstan of July 5, 2000 "About financial leasing" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Requirements to external independent experts by the principles of Islamic financing.

2. Involvement of external independent experts by lessors by the principles of Islamic financing for receipt of the conclusion about compliance of transactions of Islamic leasing to the principles of Islamic financing without creation of council on the principles of Islamic financing is allowed if for current date the amount of the leasing portfolio of the lessor (amount of debt of leasing recipients to the lessor on the current transactions) within Islamic lease financing does not exceed fifteen billion tenges.

3. To department of methodology of control and supervision (Abdrakhmanov N. A.) in the procedure established by the legislation to provide:

1) together with Legal support department (Dosmukhambetov N. M.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) the direction of this resolution on official publication in information system of law of Ad_let of the republican state company on the right of economic maintaining "The republican center of legal information of the Ministry of Justice of the Republic of Kazakhstan" within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication.

4. To department of the international relations and public relations (Kazybayev A. K.) provide the direction of this resolution on official publication in periodic printing editions within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Kozhakhmetov K. B.

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

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of May 27, 2015 No. 94

Requirements to external independent experts by the principles of Islamic financing

1. These Requirements to external independent experts by the principles of Islamic financing are developed according to the Law of the Republic of Kazakhstan of July 5, 2000 "About financial leasing" and determine requirements to external independent experts by the principles of Islamic financing (further - external independent experts).

2. The following requirements are imposed to the external independent experts attracted by lessors to receipt of the conclusion about compliance of transactions of Islamic leasing to the principles of Islamic financing:

1) availability of length of service in the field of decision making about compliance of transactions to the principles of Islamic financing at least three years;

2) the external independent expert, and also his close relatives (parents (parent), children, adoptive parents (adopters), the adopted (adopted), full and not full brothers and sisters, the grandfather, the grandmother, grandsons) are not the leading or other workers of the lessor attracting the external independent expert.

3. The number of external independent experts is odd and makes at least three people.

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