Kazakhstan to launch mortgage company to issue interest-free loans in 2015

казахстан

Kazakhstan plans to launch a mortgage company that will issue interest-free loans on the principles of Islamic finance, head of the Islamic Finance Association Yerlan Baydaulet told a press conference of CCS on November 6.

“Perhaps, about 70-80% of the population in Kazakhstan perceive the “interest-free” loans inadequately. The word “interest-free” must be understood from the perspectives of Islamic finance – preferential loan,” said Baydaulet.

Preferential loan is the government sponsored initiative to stimulate capital investment, specially in less-developed or high unemployment areas, by advancing loans at below market interest rates.

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