Sberbank launched a pilot project of Islamic mortgage “Mortgage Murabaha”. It will be implemented in two regions: Bashkortostan and Dagestan.
The new product uses a financing principle that complies with the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). The product also received certification from the Shariah Advisory Board of GIFS (Global Islamic Financial Services Firm).
The purchase and sale contract specifies the price of the property immediately, taking into account the margin, in installments without paying interest. Mortgages are available in amounts from 300 thousand to 100 million rubles for a period of 20 years. The minimum initial contribution will be 30%.
In Bashkortostan, the “Murabaha mortgage” applies to both primary and secondary housing, in Dagestan – only to primary housing. The project is carried out in collaboration with Domklik.
Previously, a two-year experiment on (Islamic) partner financing began operating in Tatarstan, Dagestan, Bashkortostan and Chechnya. Its main task was to introduce in these regions a financial model that complied with Sharia standards.
Author:
Natalia Gormaleva
Source: RB
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