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Kazakhstan signed two major contracts on the principles of Islamic banking for EXPO

7 July

Kazakhstan attracted funds on the principles of Islamic banking for the construction of new tugs. The signing of contracts was held at the world specialized exhibition Astana EXPO 2017, Informburo.kz portal informs.

The deal was prepared in record time - two months. New tugs will allow transportation of building materials and equipment to the project of the future expansion of Tengizchevroil.

"For the first time we use a new tool of Islamic financing called "ijara". The ships under construction - tugs with low draft - are transferred to us for four years for leasing.The loan is repaid in equal installments for four years while the first year is preferential. The Islamic Bank "Al Hilal" finances the deal with the the bail of the ships being built", - said Nurtas Shmanov, senior vice president of the national company KazMunayGas.

The contract amount is about 20 million dollars.

"These transportations will be moving along the canal that is being built today in the vicinity of the port of Prorva on the traverse of the Tengiz field. There are certain difficulties in shipping and the uniqueness of the tugs we have acquired is that they are built specifically for this channel", - the company's CEO Kazmortransflot Marat Ormanov shared.

He noted that the vessels have high maneuverability and great traction on the hook which reaches forty tons.


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