Loan agreement: Comparative analysis of banking legislation in the field of lending to individuals in the Republic of Kazakhstan and the Russian Federation

Journal title RIVISTA DI STUDI SULLA SOSTENIBILITA'
Author/s Ruslan Zh. Baishev, Zholymbet N. Baishev, Aizhan A. Amangeldy
Publishing Year 2022 Issue 2021/2
Language English Pages 14 P. 203-216 File size 124 KB
DOI 10.3280/RISS2021-002015
DOI is like a bar code for intellectual property: to have more infomation click here

Below, you can see the article first page

If you want to buy this article in PDF format, you can do it, following the instructions to buy download credits

Article preview

FrancoAngeli is member of Publishers International Linking Association, Inc (PILA), a not-for-profit association which run the CrossRef service enabling links to and from online scholarly content.

The banking system is a key link in the economy. As a guarantor of human rights protection, the state must ensure the growth of the well-being of citizens, including by providing affordable and cheap consumer loans to the population. The in-creased level of debt on unsecured consumer loans of citizens of the Republic of Kazakhstan makes it necessary to reduce the debt burden of the population to credit institutions. The purpose of the study was to compare the legislation and the practice of applying sustainability of banking legislation in the field of lending to individuals in the Republic of Kazakhstan and the Russian Federation. The article characterises the sustainability of banking legislation of the Republic of Kazakh-stan, describes the main legislative reforms, their implementation and consequenc-es. A comparative analysis of the measures taken in Kazakhstan to protect the rights of a borrower with the system of the Russian Federation as the most approx-imate in terms of economic and social indicators. The main problems of the activi-ty of credit institutions on the territory of Kazakhstan and the Russian Federation were revealed and possible ways of their solution were found. It was concluded that nowadays the main problem of consumer lending is unfair lending by finan-cial organisations. It is necessary to adopt a separate law on consumer lending, which will ensure the protection of the interests of borrowers.

Keywords: banking system, consumer protection, credit organisations, microloans, consumer loans

  1. Ermilova M.I. (2021). Financial modeling of the influence of factors on the mortgage rate in developed countries. E3S Web of Conferences, 247: 01065.
  2. Federal Law “On consumer credit (loan)” (2013). -- http://www.consultant.ru/document/cons_doc_LAW_155986/.
  3. Abdymanapov S.A., Toxanova A.N., Galiyeva A.H., Muhamedzhanova A.A., Ashikbayeva Z.S. and Baidalinova A.S. (2016). Government support of innovative business in the Republic of Kazakhstan. Mathematics Education, 11(5): 1033-1049.
  4. Aidoo A.W. (2019). The impact of access to credit on process innovation. Heritage and Sustainable Development, 1(2): 48-63.
  5. Beisengaliyev B., Khishauyeva Z., Lesbayeva G., Rakisheva A., Tasbulatova D. and Turekulova D. (2018). Impact of small and medium enterprises on the economy. Journal of Applied Economic Sciences, 13(8): 2437-2445.
  6. Bondarenko N.E., Bondarenko T.G., Goryainova L.V., Maksimova T.P. and Zhdanova O.A. (2018). Development financing of the subjects of Russian agro-industrial complex. International Journal of Mechanical Engineering and Technology, 9(8): 1187-1197.
  7. Borysova V.I., Ivanova K.Y., Iurevych I.V. and Ovcharenko O.M. (2019). Judicial protection of civil rights in Ukraine: National experience through the prism of European standards. Journal of Advanced Research in Law and Economics, 10(1): 66-84.
  8. Burova I.L., Zhesterov P.V. and Zolotareva, A.E. (2019). Features of regulating credit institutions: Mechanisms and technologies. International Journal of Recent Technology and Engineering, 8(3): 6098-6102.
  9. Cherniavskyi S.S., Holovkin B.M., Chornous Y.M., Bodnar V.Y. and Zhuk I.V. (2019). International cooperation in the field of fighting crime: Directions, levels and forms of realization. Journal of Legal, Ethical and Regulatory Issues, 22(3): 1-11.
  10. Civil Code of the Republic of Kazakhstan. -- https://online.zakon.kz/document/?doc_id=1013880#pos=5;-106.
  11. Derevyanko B., Nikolenko L., Syrmamiik I., Mykytenko Y. and Gasparevich I. (2018). Assessment of financial and economic security of the region (based on the relevant statistics of the Donetsk region). Investment Management and Financial Innovations, 15(4): 283-295.
  12. Derevyanko B., Zozulia Y. and Rudenko L. (2017). Money assets of internally displaced persons as financial resources of commercial banks. Banks and Bank Systems, 12(4): 211-217.
  13. Ermilova M. and Ushakov D. (2019). The use of European experience in mortgage lending in Russian conditions. Espacios, 40(13): 27-35.
  14. Hevchuk A.V. and Christoffers B. (2021). Methodological support for the analysis of debt security in agribusiness and measures to improve its level. Scientific Bulletin of Mukachevo State University. Series “Economics”, 8(3): 18-30.
  15. Husejinović A. (2019). Efficiency of commercial banks operating in Federation of Bosnia and Herzegovina using DEA method. Sustainable Engineering and Innovation, 1(2): 106-111.
  16. Inshakova A.O., Goncharova M.V., Makarenko T.D. and Goncharov A.I. (2019). Conversion of cashless money into banknotes as a type of economic crime. Russian Journal of Criminology, 13(4): 595-603.
  17. Kookueva V.V. (2021). Assessment of current trends in state financing of innovative development in Russia. In Proceeding of the International Science and Technology Conference, FarEastСon 2020 “Smart Innovation, Systems and Technologies”, 227: 1187-1193.
  18. Law of the Republic of Kazakhstan “On banks and banking activities in the Republic of Kazakhstan” No. 2444 (1995). --https://online.zakon.kz/document/?doc_id=1003931.
  19. Marhasova V., Kovalenko Y., Bereslavska O., Muravskyi O., Fedyshyn M. and Kolesnik O. (2020). Instruments of monetary-and-credit policy in terms of economic instability. International Journal of Management, 11(5): 43-53.
  20. Mints A., Marhasova V., Hlukha H., Kurok R. and Kolodizieva T. (2019). Analysis of the stability factors of Ukrainian banks during the 2014-2017 systemic crisis using the Kohonen self-organizing neural networks. Banks and Bank Systems, 14(3): 86-98.
  21. Okanova A.T., Kaipova G.S., Nurmagambetova A.Z., Shakbutova A.Z. and Zakirova D.I. (2021). The measurement of quality of income tax assessment in building contractors. Intellectual Economics, 15(1): 140-164.
  22. Resolution of the Board of the National Bank of the Republic of Kazakhstan “On approval of the maximum size of the annual effective interest rate” (2012). -- https://online.zakon.kz/document/?doc_id=31329515
  23. Resolution of the Judicial Collegium for Civil Cases of the Almaty City Court No. 2a-4450 (2019). The case on the claim of Kenzhibaeva Gulzhiyan Anuarbekovna against “Aventus Kazakhstan” LLP, a third party of “Garant Express” LLP on the recognition of the loan agreement as invalid (null and void) and the application of the consequences of the invalidity of the transaction. -- https://almaty.sud.kz/.
  24. Sirena P. (2018). ADR systems in the banking and financial markets. Osservatorio del Diritto Civile e Commerciale, 7(2), 631-644.
  25. Site of the Supreme Court of the Republic of Kazakhstan. Determination of the Judicial Collegium for Civil Cases of the Almaty City Court (2018), Case No. 7599-18-00-2a / 1202. -- https://almaty.sud.kz/.
  26. Site of the Supreme Court of the Republic of Kazakhstan. Private determination of the Judicial Collegium for Civil Cases of the Almaty City Court (2017). Case No. 7599-17-00-2a / 2959. -- https://almaty.sud.kz/.
  27. Talimova L. and Kalkabayeva G. (2017). Bank lending under macroeconomic instability: Analysis of the situation in Kazakhstan. Journal of Advanced Research in Law and Economics, 8(4): 1345-1349.
  28. The Constitution of the Republic of Kazakhstan (1995). -- https://online.zakon.kz/document/?doc_id=1005029#pos=17;-40.
  29. Trusova N.V., Melnyk L.V., Shilo Z.S. and Prystemskyi O.S. (2021). Credit-investment activity of banks of the Ukraine: Financial globalization, risks, stabilization. Universal Journal of Accounting and Finance, 9(3): 450-468.
  30. Trusova N.V., Tanklevska N.S., Synchak V.P., Prystemskyi O.S. and Tereshchenko M.A. (2020). State support of agro-insurance of agricultural risks in the market of goods derivatives of Ukraine. Industrial Engineering and Management Systems, 19(1): 93-102.
  31. Vikulin A.Yu. (2010). System-Forming Concepts of the Banking Legislation of the Russian Federation and Their Role in the Activities of Credit Institutions (Financial and Legal Aspect). Moscow: Moscow State Law Academy.
  32. Zhdanova O.A., Bondarenko T.G. and Maksimova T.P. (2019). Peer-to-peer lending in the modern financial system. Journal of Advanced Research in Dynamical and Control Systems, 11(11): 116-124.
  33. Zholamanova M.T., Kulsariyeva A.T., Bazarbayev A.O. and Doszhan R.D. (2017). The current state of the credit market of the Republic of Kazakhstan. Espacios, 38(29): 33.

Ruslan Zh. Baishev, Zholymbet N. Baishev, Aizhan A. Amangeldy, Loan agreement: Comparative analysis of banking legislation in the field of lending to individuals in the Republic of Kazakhstan and the Russian Federation in "RIVISTA DI STUDI SULLA SOSTENIBILITA'" 2/2021, pp 203-216, DOI: 10.3280/RISS2021-002015