“Mortgage Murabaha” will be available to all Russian citizens, regardless of their religion
The teams of Sberbank and the Domklik real estate service announced the launch of Mortgage Murabaha. This is a pilot project of Islamic mortgages compliant with AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) standards and certified by the Shariah Advisory Council.
According to the terms of financing in the purchase and sale agreement, the cost of real estate is indicated taking into account the markup, in installments, without paying interest. Now the project operates in Bashkortostan on the primary and secondary housing markets, as well as in Dagestan only on the primary market.
“Mortgage Murabaha” is available in amounts from 300,000 to 100,000,000 rubles for a period of up to 20 years with a minimum down payment of 30%.
Senior Vice President of Sberbank Oleg Ganeev said:
We are pleased to offer our clients Mortgage Murabaha, a new product that allows them to purchase housing in compliance with the principles of Islamic financing. At the same time, “Mortgage Murabaha” will be available to all Russian citizens, regardless of their religion, which makes it attractive to a wide range of our clients.