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2.2.12. Managing a Restricted Profit Sharing Investment Account
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Entire Act

2.2.12. Managing a Restricted Profit Sharing Investment Account

2.2.12.1. General description

Managing a Restricted Profit Sharing Investment Account is listed in section 12 of Schedule 1 of GEN. It means managing an account or portfolio which is a Restricted Profit Sharing Investment Account (RPSIA).

More detailed information about Restricted Profit Sharing Investment Account can be found in the AIFC Islamic Finance Rules and AIFC Islamic Banking Business Prudential Rules.

Currency regulation

Currency transactions will be performed via AIFC Banks if processed in only foreign currency, and via second-tier banks in any currency. For more details of transactional implications see Chapter 4 of PERG.

The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.

Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants?

Yes:

 

Your services will be subject to the AIFC Rules on Currency Regulation:

 

Name of allowed activity:

Managing a restricted profit sharing investment account (portfolio, fund) based on Islamic financial contract.

 

Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation:

8 in the list of related services.

 

Type of currency:

Any currency

 

Transaction:

Via AIFC Banks: only foreign currency

Via second-tier banks: any currency

 

Currency reporting:

No specific reporting for a financial service.

Transactional reporting may be applicable (see Chapter 4 of PERG for more details). 

 

No:

Subrule 3.3.2 of AIFC Rules on Currency Regulation applies. 

For more details see Chapter 4 of PERG.

2.2.12.2. Exclusions

There are none.