Appendix 3 to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 17, 2014 No. 45/1

REGULATIONS  

on the Periodic Regulatory Report of Credit Unions Conducting Operations in Accordance with Islamic Principles of Banking and Finance 

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-12, December 13, 2017 No. 2017-P-12/51-13, May 30, 2018 No. 2018-P-12/20-2, August 15, 2018 No. 2018-P-33/33-8) 

1. General Provisions 

1. This provision, in accordance with the Laws of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, banks and banking activity" and "On credit unions" (hereinafter - the legislation) defines a unified form of periodic regulatory reporting (hereinafter - PRR) for credit unions (hereinafter referred to as the CU) carrying out operations in accordance with the Islamic principles of banking and financing.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-12) 

2. PRR is compiled on the basis of accounting data and off-system accounting of the CU.

3. (No longer valid in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-12) 

2. Goals and objectives 

4. PRR is compiled in order to analyze:

a) the financial condition of the CU within the framework of the functions performed by the National Bank of the Kyrgyz Republic (hereinafter referred to as the National Bank), stipulated by the legislation;

b) the activities of the CU for the decision-making by the leaders of the CU to ensure liquidity, solvency and profitability.

The main task of the PRR is to provide reliable and complete information on the economic and economic activities of the Constitutional Court in order to ensure the fulfillment of the goals specified in paragraph 4 of this provision.

3. Content and frequency of submission of PRR 

6. PRR is a report on the activities of the CU in the prescribed form for a certain period and submitted on time.

7. PRR consists of 8 sections. The composition of the PRR, a summary and the timing of its submission of reports are given in Appendix 1 to this regulation.

8. PRR for the 4th quarter of the current year is annual and is submitted to the National Bank no later than February 1 of the year following the reporting one.

4. Procedure for submitting PRR 

9. Each CU should appoint an officer responsible for the completeness of the content, the timing of submission and the correctness of completing the PRR. This officer is also responsible for interaction with the National Bank on all issues related to the information contained in the PRR.

10. PRR is submitted to the National Bank in accordance with the forms in accordance with Appendix 2 to this Regulation within the time limits established for the report on paper and electronic media. Electronic versions of PRR must be generated according to the templates established by the National Bank.

11. CUs located in Chui oblast and Bishkek must submit the PRR on paper to the National Bank in a sealed envelope.

12. Electronic versions of PRR should be sent by e-mail to the Department for Technical Support of the Statistical Base of the Financial Statistics and Review Department (hereinafter - FSO) of the National Bank. In the absence of e-mail, the CU must submit reports on other electronic media (USB - flash drive).

13. CUs located in other regions of the republic must represent missile defense to the relevant regional department/Batken representative office of the National Bank on paper and electronic media.

Regional departments and the Batken representative office of the National Bank send PRR to the FSO in an aggregated form.

14. In case of any inconsistencies, errors, incomplete provision or incorrect completion of the PRR forms, the relevant structural unit of the National Bank notifies the CU of the need to adjust the report with reflection in the financial statements within 10 working days from the date of receipt of the report.

Corrected reports, together with a cover letter to the CC, must be submitted to the National Bank within 5 working days after receiving notification of inconsistencies in the report.

15. If the National Bank does not have any comments on the PRR or after the report is brought into line with the National Bank's comments and the National Bank has been notified in writing about the correction of the PRR , the PRR is considered accepted by the National Bank.

16. The PRR must be submitted in the prescribed form: laced, numbered indicating the number of pages of the PRR sections, sealed and signed by the CU staff responsible for compiling and submitting the PRR .

17. PRR must contain reliable information on the status of the CU as of the reporting date. The correctness of the reflection of the state of the CU in the monthly, quarterly and annual PRR is certified by the Chairman and the chief accountant of the CU.

5. Final provisions 

18. For untimely and/or inaccurate submission of information, for failure to provide information, for incomplete and/or incorrect completion of the PRR, the CU shall be liable in accordance with the regulatory legal acts of the Kyrgyz Republic.

19. CUs must ensure the storage of the second copies of the PRR provided to the National Bank.

 

Appendix 1 to the Regulation "On the Periodic Regulatory Report of Credit Unions Carrying out Operations in Accordance with the Islamic Principles of Banking and Finance", approved by the Resolution of the Board of the National Bank dated October 17, 2014 No. 45/1

COMPOSITION OF  

PRR CUs carrying out operations in accordance with Islamic principles of banking and financing 

No.	Chapter	Form Name	Periodicity	Submission deadlines
1		Title page	Monthly for credit unions holding a license to raise funds from members	attached to sections. By the 12th day of the month following the reporting month .
			Quarterly	Reports for the 1st, 2nd and 3rd quarters within 20 calendar days from the end of the reporting period.
			Annually	Annual report (for the 4th quarter) no later than February 1 of the year following the reporting
2	Section 1	balance sheet A. Assets B. Liabilities and equity	Monthly for credit unions holding a license to raise funds from members	Until the 12th day of the month following the reporting
3	Section 2	Income and expense statement
4	Section 3	Portfolio Information A. Past due assets B. Classification of assets B. Classification of the Ijara Muntahiya Bittamlik Operation D. Financing Portfolio
		E. Operation Ijara Muntahiya Bittamlik E. Information on funding received	Quarterly	Reports for the 1st, 2nd and 3rd quarters within 20 calendar days from the end of the reporting period
5	Section 4	Information about large clients
6	Section 5	Information about large problem customers
7	Section 6	Engagement Operations Report
8	Section 7	other information	Annually	Annual report (for the 4th quarter) no later than February 1 of the year following the reporting
9	Section 8	Economic Compliance Information

 

Appendix 2 to the Regulation "On the Periodic Regulatory Report of Credit Unions Carrying out Operations in Accordance with the Islamic Principles of Banking and Financing", approved by the Resolution of the Board of the National Bank dated October 17, 2014 No. 45/1

 

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated December 13, 2017 No. 2017-P-12/51-13, May 30, 2018 No. 2018-P-12/20-2, August 15, 2018 No. 2018-P-33/33 -eight) 

See attached file.