JSC “Kazakhstan Housing Company” (KZhK), a subsidiary of JSC “NMH “Baiterek”, signed a General Cooperation Agreement with JSC “Al Saqr Finance” in accordance with the implementation and development of Islamic financing projects.
Currently, Islamic financing is actively developing in Kazakhstan and is represented by a variety of Islamic financing products, such as Islamic leasing, SME financing, trade finance, etc.
KZhK, being the single operator of housing construction, acted as the first strategic partner of JSC “Al Saqr Finance” in supporting and developing the housing program within the framework of Islamic financing in Kazakhstan. The launch of “Islamic Mortgage” will allow everyone to buy real estate in accordance with the Sharia law.
This agreement is long term. As a support for Islamic financing in the country, KZhK will act as a guarantor in transactions between JSC “Al Saqr Finance”, construction companies and real estate buyers within the framework of the “Islamic Mortgage” project.
- Acquisition of real estate in the long term, in accordance with the rules of Sharia law;
- Possibility of purchasing real estate before commissioning;
- The agreed markup is not subject to increase;
- Full and partial early repayment is possible;
- In case of termination of the preliminary contract before the commissioning of the facility, the return of the deposited amount is fully guaranteed, without deduction of fines, commissions;
- In case of termination of the contract after commissioning, the “redemption part” is returned without deduction;
- According to the Islamic financing standards, JSC “Al Saqr Finance” donates fines to charity;
- No commissions for consideration, no requirements for additional collateral, minimum package of documents, etc.