24.11.2023, 12:55
Sberbank has launched a pilot project on Islamic mortgages in two regions of the Russian Federation
Source: OREANDA-NEWS
OREANDA-NEWS Sberbank has launched a pilot "Murabakh Mortgage" in two regions of Russia, the bank's press service reported.
"Sberbank and Domklik real estate service have announced the launch of a pilot product "Mortgage Murabakh" in Bashkortostan and Dagestan," the report says.
In the contract of sale, the value of real estate is indicated taking into account the markup, in installments and without paying interest. This complies with the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) standards.
The mortgage will be available in the primary and secondary housing market of Bashkortostan and in the primary market of Dagestan. "Primary" can be bought only from developers who have been accredited by Sberbank and use escrow accounts.
It is clarified that the Islamic mortgage is available to all citizens of Russia, regardless of religion, in the amount of 300 thousand to 100 million rubles for up to 20 years with a minimum down payment of 30%. Another difference of the mortgage is that it is certified by the Sharia Advisory Council, Senior Vice President of Sberbank Oleg Ganeev added.
"Sberbank and Domklik real estate service have announced the launch of a pilot product "Mortgage Murabakh" in Bashkortostan and Dagestan," the report says.
In the contract of sale, the value of real estate is indicated taking into account the markup, in installments and without paying interest. This complies with the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) standards.
The mortgage will be available in the primary and secondary housing market of Bashkortostan and in the primary market of Dagestan. "Primary" can be bought only from developers who have been accredited by Sberbank and use escrow accounts.
It is clarified that the Islamic mortgage is available to all citizens of Russia, regardless of religion, in the amount of 300 thousand to 100 million rubles for up to 20 years with a minimum down payment of 30%. Another difference of the mortgage is that it is certified by the Sharia Advisory Council, Senior Vice President of Sberbank Oleg Ganeev added.
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