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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 9, 2015 No. 76/9

About approval of the Provision "About Creation and Activities of the Microcredit Companies and the Mikrocreditny Agencies"

(as amended on 28-09-2021)

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Creation and Activities of the Microcredit Companies and the Mikrocreditny Agencies" it (is applied).

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic "About the provision "About Creation and Activities of the Microcredit Companies and the Mikrocreditny Agencies in the Kyrgyz Republic" of September 11, 2002 No. 37/2;

- paragraph two of Item 2 of the resolution of Board of National Bank of the Kyrgyz Republic "About some regulations of National Bank of the Kyrgyz Republic" of June 28, 2006 No. 19/4 and part I of changes and amendments in some regulations of National Bank of the Kyrgyz Republic;

- the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About Provisional regulations "About creation of the microcredit companies and mikrocreditny agencies in the Kyrgyz Republic" No. 37/2 of September 11, 2002" of February 29, 2008 No. 9/1;

- the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic of September 11, 2002 No. 37/2 "About the Provision "About Creation of the Microcredit Companies and Mikrocreditny Agencies", registered in the Ministry of Justice of the Kyrgyz Republic on October 25, 2002, registration number 135-02" of December 28, 2010 No. 95/5;

- Item 20 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of April 25, 2012 No. 18/9;

- paragraph two of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic regulating activities of IFI" of July 11, 2012 No. 29/5 and Item 1 of Appendix to the resolution;

- Item 1 of Appendix 1 to the resolution of Board of National Bank of the Kyrgyz Republic "About entering of amendments into some regulatory legal acts of National Bank of the Kyrgyz Republic regulating activities of the microfinancial organizations" of September 25, 2013 No. 35/17;

- the subitem 1 of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of December 23, 2013 No. 52/8 and Item 1 of Appendix to the resolution;

- the paragraph the fourth Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic" of December 24, 2014 No. 58/16 and Item 1 of Appendix 1 to the resolution;

- the paragraph third Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic" of October 14, 2015 No. 62/1 and part II of changes and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- 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 since February 10, 2016.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of the relevant structural divisions of National Bank of the Kyrgyz Republic, its regional managements and Representative office of National Bank of the Kyrgyz Republic in Batken Province, the operating microcredit companies and the mikrocreditny agencies in the Kyrgyz Republic, their associations (associations).

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

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 9, 2015 No. 76/9

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

The regulations on creation and activities of the microcredit companies and the mikrocreditny agencies (further - the Provision) determine procedure for creation and licensing of the microcredit companies (further - MKK) and the mikrocreditny agencies (further - MKA), including MKK and MKA performing transactions according to the Islamic principles of banking and financing (taking into account the special terminology provided by the bank law), and also requirements to officials of MKK and MKA, procedure for creation of the isolated structural divisions, modification and amendments in constituent documents MKK and MKA, procedure for expansion of activities of MKK.

1. General provisions

1. MKK is created in any form of business of the commercial organization, the stipulated by the legislation Kyrgyz Republic.

MKA is created in form of business of non-profit organization, the stipulated by the legislation Kyrgyz Republic, except for political parties, labor unions and the religious organizations.

2. MKK/MKA receives the status of the legal entity from the moment of state registration in the single authorized state body performing registration of legal entities.

3. Physical persons and legal entities - residents or nonresidents of the Kyrgyz Republic according to requirements of the Law "About the Microfinancial Organizations in the Kyrgyz Republic" can be founders (participants, shareholders) MKK and founders (participants) of MKA.

4. To start implementation of the activities and/or agency functions of donors of MKK/MKA shall (about) receive the certificate of National Bank of the Kyrgyz Republic (further - National Bank) about accounting registration (further - the certificate).

5. MKK/MKA performs the activities based on the constituent documents conforming to requirements of the civil legislation of the Kyrgyz Republic and the Law "About the Microfinancial Organizations in the Kyrgyz Republic".

6. The provisions regulating questions of goal achievement, the stipulated in Clause 2 Laws "About the Microfinancial Organizations in the Kyrgyz Republic" including according to the Islamic principles of banking and financing (for MKK/MKA intending (egosya) to perform activities according to the Islamic principles of banking and financing), the list of transactions, the main region of activities, the cumulative maximum size of the microcredit (financing according to the Islamic principles of banking and financing) issued to the same face or group of the connected persons according to regulatory legal acts of National Bank, and also other questions established by the civil legislation of the Kyrgyz Republic shall be provided in the charter of MKK/MKA.

7. Based on the appropriate certificate of the MKK/MKA National Bank Kard-Hassan and Mudarab can perform transactions according to the Islamic principles of banking and financing, except for attraction of money from physical persons and/or legal entities according to transactions.

8. The minimum size of the authorized capital of MKK shall constitute at least 5 000 000 (five million) som.

9. The authorized capital of MKK is created only in national currency of the Kyrgyz Republic at the expense of money of founders (participants, shareholders) according to provisions of the Law "About the Microfinancial Organizations in the Kyrgyz Republic".

10. The documents provided to MKK/MKA according to requirements of this provision move in the state and/or official languages of the Kyrgyz Republic:

- in Central office of National Bank - MKK/MKA, being to Bishkek and Chuy Region;

- in regional managements of National Bank - MKK/MKA, being in areas of the Kyrgyz Republic, except Chuy Region;

- in representative office of National Bank in Batken Province - MKK/MKA, being in Batken Province.

11. Each copy of the constituent document or other solution of MKK/MKA provided in the National Bank according to this Provision containing more than one leaf shall be separately stitched, numbered and signed the head of MKK/MKA or other authorized person. At the same time other authorized person needs to provide also the copy of the relevant document on its powers on signing and provision of such documents in National Bank.

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