Article 110. Action plan for the conversion of the bank into an Islamic bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

Home / Laws / Article 110. Action plan for the conversion of the bank into an Islamic bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. The action plan for the bank's conversion into an Islamic bank is approved by the bank's Board of Directors.

2. The action plan for converting the bank into an Islamic bank should contain a detailed description of the following measures, including the timing of their implementation:

1) creation of the Council on the principles of Islamic finance;

2) development of standard terms of agreements on the implementation of Islamic banking operations provided for in the first part of paragraph 4 of Article 22 of this Law;

3) definition of the list of banking and other operations:

to be converted into Islamic banking transactions provided for in the first part of paragraph 4 of Article 22 of this Law;

which do not require conversion into Islamic banking operations, the implementation of which is authorized by an Islamic bank in accordance with the second part of paragraph 4 of Article 22 of this Law.;

which do not require conversion into Islamic banking operations on the basis of the expiration of contracts before the end of the conversion period specified in the action plan for converting the bank into an Islamic bank;

not subject to conversion into Islamic banking operations on the grounds of non-compliance with the principles established by Article 35 of this Law;

4) determination of the potential volume of the bank's assets and liabilities for banking and other transactions specified in subparagraph 3) of this paragraph;

5) publication of the announcement of the conversion in two periodicals distributed throughout the Republic of Kazakhstan, in Kazakh and Russian, and its posting on the bank's Internet resource;

6) a written notification to the bank's clients about the bank's conversion into an Islamic bank, indicating the list of banking and other operations provided for in subparagraph 3) of this paragraph, the deadline for submitting written refusals or consents provided for in paragraph 4 of Article 111 of this Law, and the address at which they are accepted;

7) revision and modification of corporate governance and internal policies and procedures, as well as other internal documents of the bank, taking into account new types of operations (activities);

8) identification of the bank's senior staff responsible for the implementation of the action plan for the bank's conversion into an Islamic bank;

9) carrying out work with clients under agreements on banking and other operations;

10) improvement of the software for Islamic banking operations;

11) submission to the authorized body of a report on the implementation of measures provided for in the action plan for the conversion of the bank into an Islamic bank;

12) applying to a State Corporation for state re-registration of a bank into an Islamic bank;

13) applying to the authorized body for a license to conduct Islamic banking and other operations;

14) the deadline planned by the bank for converting the bank into an Islamic bank, which should not exceed the period specified in paragraph 7 of Article 111 of this Law.;

15) other measures necessary to convert the bank into an Islamic bank.

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

President

Republic of Kazakhstan

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