Astana, Kazakhstan, Nov.7
By Daniyar Mukhtarov - Trend:
One of the Islamic banks will start to issue interest-free loans in Kazakhstan in 2015, the Chairman of the Association of Islamic finance Erlan Baydaulet said.
It is expected that the new Kazakh Islamic retail Zaman-Bank will begin this work.
"At first, a bank must obtain a license, it will be further capitalized to a certain level with the participation of investors," said Erlan Baydaulet Nov.6 at a briefing in central communications service under the president of the republic. "I think it all will be available to the public starting from the next year."
He also tried to explain the concept of "interest-free" loan. Thus, in Islamic banking, this rule is made up of real value added, namely the extra charge, which is agreed by all parties of the process, he said.
"Any economic entity is entitled to a rate of profit," said the president of the association. "One can cite an example with a mortgage. If an apartment is worth $100,000, the bank buys the apartment and agrees with you about the rate of profit. This is important. That is, they should not take from you more than you can pay."
The first Islamic bank in Kazakhstan is Al-Hilal Islamic Bank JSC.
