AFSA NOTICE № AFSA-Q-OA-2023-0007 ON GRANTING CLASS MODIFICATIONS TO ISLAMIC BANKS

CLASS MODIFICATION NOTICE No. AFSA-Q-OA-2023-0007 (amended by No. AFSA-Q-OA-2024-0019 from 30.09.2024)

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT: 

The Rule specified in the left-hand column of Table A herein do not apply to the Islamic Banks in the form appearing in the AIFC Islamic Banking Business Prudential Rules (IBB) but instead applies as modified in the right-hand column of Table A.

In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 1 May 2027.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.