Article 52-12. Islamic financing of individuals and legal entities with the participation of an Islamic bank as a trade intermediary by providing a commercial loan on the terms of subsequent sale of goods to a third party of the Law on Banks and Banking Activities in the Republic of Kazakhstan -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.
1. The provisions of Articles 52-8 of this Law shall apply to the Islamic 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 an Islamic bank and subsequently sells them to a third party is referred to as a customer of the bank.
2. Islamic financing of 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 recognized as a transaction carried out under a commercial loan agreement subject to the following conditions:
1) the parties to the commercial loan agreement are the Islamic bank and the client of the bank. The commercial loan agreement specifies the third party to whom the subsequent sale of the goods is carried out by the bank's client (for the purposes of this article, the third party);
2) the purchase of goods by the bank's client under a commercial loan agreement, as well as the subsequent sale of goods by the bank's client to a third party, are carried out with the participation of an Islamic bank;
3) a commercial loan is provided on the terms of the sale by the bank's client to a third party of goods purchased by the bank's client from an Islamic bank. In this case, ownership of the goods sold under the commercial loan agreement passes to a third party immediately after the conclusion of the commercial loan agreement, payment for the goods by the third party is made without delay after the transfer of the goods and documents for this product to it at the purchase price of such goods by the Islamic bank 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 an Islamic bank on international commodity exchanges or an over-the-counter market outside the Republic of Kazakhstan. The Islamic Bank and the bank's client are not entitled to simultaneously sell the same product under several commercial loan agreements;
5) the client of the bank carries out the subsequent sale to a third party of the goods specified in the commercial loan agreement in the quantity and at the price specified in such agreement, without taking into account the Islamic bank's margin;
6) the seller of the goods who sells the goods to an Islamic bank cannot be a third party to whom the subsequent sale of the goods is carried out.;
7) the Islamic bank, the bank's client and the third party are not interrelated parties in accordance with the Code of the Republic of Kazakhstan "On Taxes and Other Mandatory Payments to the Budget" (Tax Code).
3. For the purposes of this article, an international commodity exchange is a commodity exchange that meets the following requirements:
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.
4. In case of violation of the requirements established by this article, such a banking operation is not recognized as Islamic financing of individuals and legal entities with the participation of an Islamic bank as a trade intermediary with the execution of a commercial loan agreement and with the participation of a third party.
The footnote. Chapter 4-1 is supplemented by Article 52-12 in accordance with the Law of the Republic of Kazakhstan dated 04/27/2015 No. 311-V (effective ten calendar days after the date of its first official publication).
The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444.
President
Republic of Kazakhstan
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