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Islamic mortgage suggested to Massimov

28 march 2012, 13:43
Islamic bank. ©REUTERS/Majed Jaber
Islamic bank. ©REUTERS/Majed Jaber
Kazakhstan citizen Timur Davletov has applied to Prime-Minister Karim Massimov with a suggestion to made Islamic mortgage available in Kazakhstan, Tengrinews.kz reports citing Prime-Minister's official blog.

"Dear Karim Massimov, I would like to raise the issue of affordable housing under Sharia rules, as Muslims may not take part in the deals with an interest rate. They may not obtain a mortgage loan on the current terms (for religious considerations). It makes them not equal to others. Why can't we have an Islamic mortgage bank based on BTA bank for example?" Timur Davletov said.

According to him, Arab investors may be interested in this suggestion and such business "will not effect the inflation rate or create a market bubble," he wrote.

Kazakhstan Prime-Minister redirected this suggestion to the respective authorities. "I am transferring your message to chairman of Kazakhstan Agency on Religions Kairat Lama Sharif and chairman of Kazakhstan National Bank Gregory Marchenko," Karim Massimov replied.

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