Article 37. Consequences of recognizing transactions and (or) transactions that do not comply with the principles of Islamic banking operations of the Law on Banks and Banking Activities in the Republic Kazakhstan

Home / Laws / Article 37. Consequences of recognizing transactions and (or) transactions that do not comply with the principles of Islamic banking operations of the Law on Banks and Banking Activities in the Republic Kazakhstan

Article 37. Consequences of recognizing transactions and (or) transactions that do not comply with the principles of Islamic banking operations of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. If the Council on the Principles of Islamic Finance (a similar body permanently operating in a non–resident bank of the Republic of Kazakhstan) recognizes operations and (or) transactions that are at the stage of conclusion that do not comply with the principles established by Article 35 of this Law, these operations and (or) transactions cannot be performed (concluded) by the bank, branch a non–resident bank of the Republic of Kazakhstan that performs Islamic banking operations.

2. If the Council on the Principles of Islamic Finance (a similar body permanently operating in a non–resident bank of the Republic of Kazakhstan) recognizes the operations and (or) transactions of a bank or a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations that do not comply with the principles established by Article 35 of this Law.:

transactions and (or) transactions concluded but not executed or partially executed are subject to termination (termination) at the request of the bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, in accordance with the procedure established by the civil legislation of the Republic of Kazakhstan.;

The income of a bank or a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations on executed or partially executed transactions and (or) transactions should be directed to charity.

The Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII SAM.

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Republic of Kazakhstan

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The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444. On banks and banking activities, with the introduction of the Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII, the SAM has lost its legal force.

Article 37. Limitation period of the Law on Banks and Banking Activities in the Republic of Kazakhstan

The limitation period at the request of banks, subsidiaries of banks acquiring doubtful and uncollectible assets of the parent bank, the organization specified in paragraph 8 of Article 61-4 of this Law, as well as organizations specializing in improving the quality of second-tier banks' loan portfolios, against borrowers for non-fulfillment and (or) improper fulfillment of bank loan agreements is five years..

The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444.

President

Republic of Kazakhstan

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