12.02.2009, 17:04 2923

Nazarbayev signed amendments to Law on Organization of Islamic banks

The head of the state, Nursultan Nazarbayev, has signed the Law on amendments and additions to the Acts of the Republic of Kazakhstan concerning organization and activity of Islamic banks and organization of Islamic financing directed at introduction in the Republic of the system of Islamic banking, the agency reports citing the president's press service.

Astana. February 12. Kazakhstan Today - The head of the state, Nursultan Nazarbayev, has signed the Law on amendments and additions to the Acts of the Republic of Kazakhstan concerning organization and activity of Islamic banks and organization of Islamic financing directed at introduction in the Republic of the system of Islamic banking, the agency reports citing the president's press service.

As informed earlier, the main purpose of the law is introduction of the tools of Islamic financing. The law provides creation of the legal bases of functioning of Islamic banks, the Islamic Financial Company and provides the peculiarities of the banking and other operations of Islamic bank, such as interest-free deposits poste restante of physical and legal entities, bank loan operations on conditions of urgency, recurrency without collection of compensation in the form of interest.

The law takes into account financing of enterprise activity in various forms. The law also provides the peculiarities of issue and circulation of Islamic securities: the Islamic rent certificates issued in order to receive revenue under the rent contract (financial leasing), and the Islamic certificates of participation issued for organization of the new investment project or development of the existing investment project.

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