Article 112. State re-registration of a bank in a State Corporation and the issuance of a license to conduct Islamic banking and other operations of the Law on Banks and Banking Activities in the Republic Kazakhstan

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Article 112. State re-registration of a bank in a State Corporation and the issuance of a license to conduct Islamic banking and other operations of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. No later than six months before the end of the conversion period specified in the permit of the authorized body, the bank submits to the authorized body a report on the implementation of measures provided for in the action plan for the conversion of the bank into an Islamic bank, accompanied by supporting documents.

2. If there are comments to the report specified in paragraph 1 of this Article, the authorized body has the right to require the bank to take additional measures and (or) provide additional information and documents. The Bank is obliged to take into account the comments of the authorized body (perform the required additional measures and/or provide additional information and documents) and resubmit to the authorized body a report on the implementation of measures provided for in the action plan for converting the bank into an Islamic bank, accompanied by supporting documents, within the time period established by the authorized body.

3. The authorized body approves or refuses to approve the report on the implementation of measures provided for in the action plan for converting the bank into an Islamic bank within two months from the date of its submission to the authorized body.

4. After approval by the authorized body of the report specified in paragraph 1 of this Article, the bank is obliged to apply to the State Corporation for state re-registration of the bank within thirty calendar days.

The charter of an Islamic bank must contain the information provided for in paragraph 5 of Article 7 of this Law.

5. The Bank is obliged to apply to the authorized body with an application within thirty calendar days from the date of state re-registration with the State Corporation, but not later than thirty working days before the end of the conversion period specified in the permit of the authorized body.:

1) on the issuance of a license for Islamic banking and other operations, accompanied by the following documents:

a notarized copy of the charter of the Islamic Bank;

a document confirming the payment of a license fee to the budget for the right to engage in certain types of activities;

Regulations on the Council on the Principles of Islamic Finance;

information about the persons appointed to the positions of the head and members of the Council on the principles of Islamic finance, confirming their compliance with the requirements established by Article 36 of this Law;

rules on the general conditions of Islamic banking and other operations;

rules on the internal credit policy of an Islamic bank;

2) renewal of a license to operate on the securities market (if any) in accordance with the procedure established by the Law of the Republic of Kazakhstan "On Permits and Notifications".

6. An application for a license to conduct Islamic banking and other operations and a reissue of a license to operate on the securities market is considered by the authorized body within thirty working days from the date of submission of documents that comply with the requirements of the legislation of the Republic of Kazakhstan.

The procedure for licensing Islamic banking and other transactions is determined by Article 19 of this Law.

7. From the moment the bank is granted a license to carry out Islamic banking and other operations:

1) a previously issued license for banking and other operations is terminated;

2) the bank's conversion to an Islamic bank is considered completed.

The Bank is obliged to return the originals of the licenses previously issued to it to the authorized body within ten working days after receiving the license to carry out Islamic banking and other operations and the renewed license to operate on the securities market.

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

President

Republic of Kazakhstan

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