ASTANA, Kazakhstan, January 3. Kazakhstan's Otbasy Bank plans to launch an Islamic mortgage in 2025, Trend reports.
A memorandum was signed with the Union of Builders of Kazakhstan and the Association of Islamic Finance and Business (AIFB) for this purpose. The memorandum outlines the development of Islamic finance tools and Islamic mortgages in Kazakhstan. In the first phase, the parties will study and make amendments to Kazakh legislation, as well as conduct training seminars.
"In 2025, our goal is to start working on launching Islamic mortgages. We have a law on housing construction savings, which does not provide for Islamic mortgages. Legislative initiatives will help create a separate section, the so-called 'Islamic window' in the law, and describe the process of obtaining an Islamic mortgage," explained the head of Otbasy Bank, Lyazzat Ibragimova.
To note, it was also previously reported that Otbasy Bank has signed a memorandum with the Kazakhstan branch of the Malaysian company CSQlaw.
