Meeting of Mr. Sirojiddin Ikromi with representatives of “ISRA Consultancy Sdh” International Consulting Company

On July, 17th, 2017 Mr. Sirojiddin Ikromi, Deputy Chairman the National Bank of Tajikistan has received representatives of the “ISRA Consultancy Sdh” (Malaysia) consulting company, who has arrived with working visit to the Republic of Tajikistan under the leadership of Prof. Ashraf Hoshim.

In the beginning of a meeting Mr. Sirojiddin Ikromi, Deputy Chairman the National Bank of Tajikistan has noted with satisfaction on results of executed works of the Working Group jointly with the “ISRA Consultancy Sdh” concerning coordination of drafts of regulatory legal acts on regulation and supervision of activities of the Islamic credit institutions and has added that for process acceleration in this direction a new division - Islamic Banking Supervision Division is established within NBT Banking Supervision Department.

Mr. Sirojiddin Ikromi, Deputy Chairman the National Bank of Tajikistan has noted that the Islamic Credit Organisations have their features, therefore regulation and supervision in such establishments should be implemented in accordance with Islamic financing principles, including IFSB and AAOIFI standards. Accordingly, development of regulatory legal acts should be performed namely subject to provisions of aforementioned standards.

- The National Bank of Tajikistan has signed the Agreement on cooperation with the “ISRA Consultancy Sdn” Consulting Company namely for Islamic banking principles should be applied in full and appropriately through granting of consultations to Working Group, - has noted Mr. Ikromi S.

In turn “ISRA Consultancy Sdh” representatives have highly appreciated activity of Working Group at the first stage, and have expressed willingness for cooperation with NBT in this sphere.

It is necessary to note that for introduction of Islamic banking in Tajikistan, the Working Group has been created, consisting of representatives of NBT, Tax Committee under the Government of the Republic of Tajikistan, CJSC “Bonki rushdi Tojikiston, OJSC “Oriyonbank” and some other microcredit organisations that in cooperation with the “ISRA Consultancy Sdn” will develop drafts of corresponding legal acts for creation of Islamic credit organisations.

At the first stage of cooperation (February-June, 2017) after development, consideration and addition of some regulatory legal acts, and coordination with “ISRA Consultancy Sdn”, five regulatory legal acts, 4 of which already were registered by Ministry of Justice of the Republic of Tajikistan have been approved by NBT management.

Currently, Draft of the Law of the Republic of Tajikistan “On introduction of amendments and additions in Tax Code of the Republic of Tajikistan” is co-ordinated with “ISRA Consultancy Sdn” experts and is under consideration of corresponding NBT structural divisions. This document after studying will be directed to the corresponding Ministries and Agencies.

It is necessary to note that it is the second visit of representatives of the “ISRA Consultancy Sdh” to the Republic of Tajikistan. During this visit, “ISRA Consultancy Sdh” experts will sum up the executed works of the first stage. Then within the limits of the working plan of Working Group and “ISRA Consultancy Sdh”, drafts of new acts, and also amendments and additions of number of operating legal documents will be considered in the second stage.

Press Division
NBT