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Shariah Board
Ijara Service — Sharia-compliant financing of services and works
Ijara Service is a transaction that grants a client the right to use a specific service for an agreed period and for an agreed fee
18% per annum
Profit rate
Up to 18 months
Maximum term
Up to 5,000,000 KGS
Maximum amount
Characteristics of the contract
What is an Ijara Service agreement?
Ijara Service is a Sharia-compliant transaction that provides the client with the right to use a service for a defined period and agreed consideration.
The structure consists of two contracts:
1) A contract between the service provider and the Bank for the provision of services to the Bank.
2) A contract between the Bank and the client granting the client the right to use the service under deferred (installment) payment terms.
Required condition
The service or work must be clearly defined, objectively deliverable, and compliant with Sharia standards.
What can be financed?
Services that do not contradict Sharia principles and the legislation of the Kyrgyz Republic, including: repair of movable and immovable property, construction of real estate, travel services, events and celebrations, business development services, education and healthcare services, consulting services
Who can apply for Ijara financing?
Individuals, sole proprietors, legal entities, applicants must operate within the territory of the Kyrgyz Republic in sectors compliant with Sharia principles.