Article 41. Bank financing of individuals and legal entities as a trade intermediary by providing a commercial loan on the terms of the subsequent sale of goods to a third party of the Law on Banks and Banking Activities in the Republic Kazakhstan

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Article 41. Bank financing of individuals and legal entities as a trade intermediary by providing a commercial loan on the terms of the subsequent sale of goods to a third party of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. The provisions of Article 40 of this Law shall apply to the bank financing of individuals and legal entities as a trade intermediary by providing a commercial loan on the terms of the subsequent sale of goods to a third party, taking into account the specifics provided for in this article.

For the purposes of this article, a natural or legal person who purchases goods from a bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, and subsequently sells it to a third party, is referred to as a customer of the said bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations.

2. Financing of individuals and legal entities as a trade intermediary by providing a commercial loan on the terms of the subsequent sale of goods to a third party is recognized as a transaction carried out under a commercial loan agreement subject to the following conditions:

1) the parties to a commercial loan agreement are a bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, and a customer of the said bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations. The commercial loan agreement specifies a third party to whom the subsequent sale of goods is carried out by the client of the bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations (for the purposes of this article – a third party);

2) the purchase of goods by a client of a bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, under a commercial loan agreement, as well as the subsequent sale of goods by the specified client to a third party, are carried out with the participation of the bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations;

3) a commercial loan is provided on the terms of sale by the client of a bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, to a third party of goods purchased by the client from a bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations.

Ownership of the goods sold under the commercial loan agreement is transferred to a third party immediately after the conclusion of the commercial loan agreement. Payment for the goods by a third party is made without delay after the transfer of the goods and documents for the goods to it at the purchase price of such goods by the bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations from the supplier of the goods.;

4) a commodity in a commercial loan agreement is defined as a commodity sold on international commodity exchanges and purchased by a bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations on international commodity exchanges or an over-the-counter market outside the Republic of Kazakhstan. A bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, and their client are not entitled to simultaneously sell the same product under several commercial loan agreements;

5) the client of the bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, shall subsequently sell to a third party the goods specified in the commercial loan agreement in the quantity and at the price specified in the commercial loan agreement, excluding the margin of the bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations;

6) a seller of goods who sells goods to a bank or a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations may not be a third party to whom the subsequent sale of goods is made;

7) a bank, a branch of a non–resident bank of the Republic of Kazakhstan engaged in Islamic banking operations, their client and a third party are not interrelated parties in accordance with the Tax Code of the Republic of Kazakhstan.

3. For the purposes of subparagraph 4) of paragraph 2 of this article, an international commodity exchange is a commodity exchange that meets the following criteria:

The commodity exchange operates on the territory of a state with a sovereign rating not lower than the A rating of one of the rating agencies, the list of which is established by the authorized body.;

information on the volume and number of exchange transactions concluded on the commodity exchange is published in statistical reports posted on the Internet resource of the World Federation of Stock Exchanges.

The list of international commodity exchanges where goods are purchased and sold in the framework of financing individuals and legal entities as a trade intermediary by providing a commercial loan on the terms of subsequent sale of goods to a third party is established by the Government of the Republic of Kazakhstan.

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

President

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 41. Measures applied to banks and their officials. Methods of banking regulation Chapter 4. Regulation of banks' activities of the Law on Banks and Banking Activities in the Republic of Kazakhstan

In order to ensure the financial stability of banks, protect the interests of their depositors, and maintain the stability of the monetary system of the Republic of Kazakhstan, the authorized body regulates the activities of banks, including by:

the establishment of prudential standards and other mandatory standards and limits for banks, provisions against doubtful and uncollectible assets;

IZPI's note! The third paragraph of the first part is provided for in the wording of the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

adoption of mandatory regulatory legal acts by banks in the field of regulating the activities of banks in accordance with the goals and objectives provided for in paragraphs 1 and 2 of Article 1-1 of this Law and the legislation of the Republic of Kazakhstan. The list of subordinate regulatory legal acts is defined in the regulation on the authorized body.;

issuance of mandatory regulatory legal acts by banks;

inspections of banks' activities;

application of supervisory response measures;

imposing sanctions.

Regulation of banks' activities is carried out both in relation to an individual bank and on a consolidated basis, that is, in relation to a banking conglomerate. The rules of consolidated supervision are established by the authorized body.

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

President

Republic of Kazakhstan

Article 114. Transfer of property as a property contribution to the authorized capital of limited liability companies, either to pay for the purchase of shares of joint-stock companies, or to the authorized capital (payment for shares) of legal entities registered in accordance with the applicable law of the Astana International Financial Center Law on State Property

Article 114. Transfer of property as a property contribution to the authorized capital of limited liability companies, either to pay for the purchase of shares of joint-stock...