The Kyrgyz Parliament’s Committee on International Affairs, Defense, Security, and Migration has approved a credit agreement with the Islamic Development Bank (IsDB) for the “Financing Affordable Housing According to Sharia Standards” project in the second reading.
Deputy Minister of Economy and Commerce, Sanzhar Bolotov, stated that the goal of the project is to provide housing and mortgage products based on Islamic financing principles for Kyrgyz citizens under the state housing program “My Home 2021-2026.”
With $79 million in concessional financing from the IsDB, Kyrgyzstan aims to construct 112,000 square meters of housing nationwide. The State Mortgage Company will manage the financial resources, land plots, and oversee the construction of affordable housing available for lease with an option to purchase.
These mortgages, based on Islamic financing principles, will be priced at $650 per square meter. This initiative aims to provide accessible and Sharia-compliant housing options for the Kyrgyz population, contributing to the country’s housing sector development.