Frequently Asked Questions
Regulation of credit organizations 4
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May the mark-up or interest accrued on a client's microloan (credit) be paid by a third party (a partner organisation)?
Yes, it may. If provided for by the legislation or by the contract, the performance of a contractual obligation may be assigned, in full or in part, to a third party that has a corresponding contract with one of the parties. In this case, payment by the partner organisation of the mark-up or interest accrued on the client's microloan (credit) does not alter the client's indebtedness under that obligation.
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May a microloan be provided interest-free?
Under the legislation, the allocation of funds not exceeding one hundred million soums to a borrower who is a natural person, on the terms of payment, maturity and repayment, is deemed microloan activity. In this case, the payment condition may be expressed through interest or a mark-up in another form.
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Is a microfinance organisation entitled to allocate funds exceeding 300 million soums?
Microfinance organisations are entitled to provide business entities with loans, leasing and guarantees in amounts exceeding the microcredit limit, i.e. 300 million soums, as well as to render financing services against the assignment of a monetary claim in favour of another person (factoring) and services related to Islamic finance.
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What is the amount of a guaranteed deposit?
The guaranteed deposit amount is 200 million soums for each depositor in a single bank. This requirement applies to deposits placed after the entry into force of the Law "On Guarantees of Protection of Bank Deposits."
