Hot news:
Fuel market risks in Kazakhstan US companies thinking of expanding their business in Kazakhstan Jimmy Choo shoemaker to launch on London stock market Suicide attack kills three in NW Pakistan White tiger kills boy at New Delhi zoo Karzai says goodbye with a final gibe at US Turkey lifts ban on headscarves at high schools Pro-Russia rebels say withdrawing artillery in east Ukraine: Interfax Electronics giant Philips to split in historic move US Secretary of State John Kerry supports Kazakhstan’s accession into the WTO SpaceX cargo capsule nears International Space Station Paris fashion takes to catwalks Bids invited for Robin Williams' 'Mork' suit Record iPhone weekend sales top 10 million: Apple Mother Teresa 'would have scared me' says pope New comic book stars Facebook COO Sheryl Sandberg Lion King is best-selling production of all time New Pink Floyd album to be released in November BlackBerry launching cheaper phone with bigger screen Apple set to shut down Beats music service: report Living on Ukraine frontline, trying to make sense of war Obama 'concerned' about huge White House security breach For Nick Cave, vision shaped in 'horrible' hometown Kazakhstani Zulfiya Chinshanlo wins silver at 17th Asian Games in Icheon Zarina Diyas wins qualifying matches at Wuhan Open in China Kazakhstani internet connection 2nd fastest among CIS First World Nomad Games draw crowds We want to make Kazakhstan one of the safest and most comfortable countries: Senate Speaker Eurasian Development Bank issues bonds in Kazakhstan New Zealand PM pushes flag change after election win Ghani named next Afghan president, signs power-sharing deal Scottish pro-independence parties report membership surge Brazil readies election thriller Poroshenko says Ukraine ready to defend itself if peace plan fails Italian conductor Muti quits Rome opera Physicists achieve longer distance quantum teleportation Kazakhstan protected from illegal transportation of WMDs D&G put Seville into Sicily as partnership burns as bright as ever World greenhouse emissions threaten warming goal: report Battle of opposition titans begins in France after Sarkozy return Pope says religion can't justify violence Tens of thousands join London climate march Prince William shows off his table football skills in Malta IS fighters close in on Syria border town as thousands flee Moscow marchers condemn Kremlin role in Ukraine war Abdullah: Afghanistan's 'almost' man stays in the game Thousands protest delays to tough new Spanish abortion law 'Friends' fans flock to New York pop-up cafe Russia could restrict airspace in sanctions battle: PM Philippine airport bomb plotters planned anti-China attacks: govt German jobless rate unchanged in August: data Galileo satellites not on right orbit: Arianespace Paris relives the joy of liberation, 70 years on US dominates Chinese world university rankings Jasmine and smoke: the allure of Greek summer cinemas Thousands mark Moon death anniversary in S. Korea India stray dogs to be part of security squad‎ Russia okays $150 mn to subsidise World Cup venues Tennis: Kazakhstani Zarina Diyas gets in WTA Top-100 Facebook wants to beam the Internet from the sky

Islamic Bank allocated $25 million to Kazakhstan farmers

Tuesday, 13.11.2012, 17:51
Comments (0)
Islamic Bank allocated $25 million to Kazakhstan farmers
IDB logo
Islamic Bank allocated $25 million to Kazakhstan farmers
Photo courtesy of
The Islamic Development Bank (IDB) has allocated $25 million for Kazakhstan farmers, reports citing the Development Commission of Almaty Regional Financial Center of Kazakhstan's National Bank.

"The Fund for Financial Support to Agriculture has started a series of training seminars on Islamic financing methods for personnel of branches and representative offices in 11 regions of Kazakhstan. The training is held by Director of Badr Finance & Investment professor Adalet Dzhabiyev who developed a methodology of Islamic micro-financing for the fund under a contract with the Islamic Development Bank," the Commission states.

In 2011 the Fund and IDB signed a $10 million loan agreement. The Fund will use these money to extend loans to agricultural producers and rural entrepreneurs in line with the Islamic economic principles. The trainings will be held in Akmola, East-Kazakhstan, Karaganda, North-Kazakhstan oblast branches in the beginning of November.

The new microcredit program is called Satty. "Satty program includes two microcredit products: Murabahah and Salam. They are both intended for procurement of fixed assets: agricultural vehicles, equipment, cargo transport, biological assets (horses, camels, small cattle) for selling to the borrowers on installments. They can also be used for pre-payment for future harvests or goods. The maximum loan that can be expended as part of this program is $25 thousand at 9.5 percent for up to 18 months," the Commission writes.

Trained personnel is already accepting applications from farmers as part of three pilot projects in Aktobe, Pavlodar and South-Kazakhstan oblasts. Financing of the approved applications will start in the nearest time.

The plan is that applications for Islamic loans will be accepted through the country starting from January 2013.

By Shynar Ospanova
Views: 338    Comments: 0
Add a comment



Mo Tu We Th Fr Sa Su
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30

Feature stories

Islamic Bank allocated $25 million to Kazakhstan farmers