Mortgage Refinancing Company of Uzbekistan

Name

Mortgage Refinancing Company of Uzbekistan

Legal name

O'zbekiston Ipoteka qayta moliyalashtirish kompaniyasi aksiyadorlik jamiyati

Website

https://uzmrc.uz

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Mortgage Refinancing Services

NAICS

Mortgage and Nonmortgage Loan Brokers (52231), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro industry

PRIMARYFSAEAEAC

Mortgage Refinance & Rate/Term Intermediation

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Mortgage Brokerage & Loan Intermediation

SECONDARYBPAHAOAD

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

Keywords

• Mortgage refinancing services
• Secondary mortgage market
• Corporate bond issuance
• Housing finance solutions
• Green renovation mortgage

Headquarters

HQ city

Tashkent

HQ country

Uzbekistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Mortgage Refinancing: The company provides refinancing of mortgage loans to commercial banks, generating revenue through the interest rate spread between its borrowing costs (bond issuances, international financing) and the refinancing rates offered to partner banks. The company also purchases mortgage loan portfolios and rights to claims from banks.
2. Corporate Bond Issuance: The company issues corporate bonds on the Uzbekistan Stock Exchange to raise long-term funding. Revenue is generated through the spread between bond coupon payments and returns on refinanced mortgage assets. Eight bond issuances totaling 1,490 billion soums have been placed.
3. Advisory and Information Services: The company provides advisory and information services related to mortgage refinancing, as well as remote (electronic) services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

The company operates as Uzbekistan's only second-tier mortgage refinancing institution, providing long-term financial resources to commercial banks for mortgage lending. It raises funds through corporate bond issuances on the Uzbekistan Stock Exchange and credit lines from international development finance institutions, then channels these resources to 14+ partner banks via Master Refinancing Agreements, allowing those banks to extend mortgage loans to end consumers under the company's standardized terms (rates set as Central Bank base rate + 6%, terms up to 20 years, amounts up to 800 million soum in Tashkent).

Product overview

Mortgage Refinancing Company of Uzbekistan (UzKRI) operates as a state-backed mortgage refinancing institution offering a portfolio of products centered on mortgage refinancing and capital market instruments. The core offerings include: (1) Mortgage Refinancing (Qayta moliyalashtirish) as the primary product providing banks with long-term financial resources; (2) Corporate Bonds program for capital market financing; (3) specialized Green Renovation mortgages for energy-efficient home improvements; and (4) Mortgage Guarantee products expanding access to self-employed borrowers. The company also provides digital tools including an online calculator and has developed mortgage obligation instruments (SPV) for capital market expansion. All products are interconnected through the company's refinancing mechanism that channels funds from capital markets to commercial banks for mortgage lending.

Differentiator

Problem solved

Functional benefit

Brands

• Yashil Ta'mir Ipoteka (Green Renovation Mortgage): Green mortgage credit program for home renovation including heat pumps and solar panels
• Ma'qul Ipoteka (Affordable Mortgage)

Products and services

• Qayta moliyalashtirish (Mortgage Refinancing Program) Core product providing financial resources to commercial banks for mortgage lending, allowing borrowers to restructure existing debts under more favorable terms. Banks enter Master Refinancing Agreements with the company and receive long-term funding to on-lend to end consumers at Central Bank base rate + 6%, terms up to 20 years, amounts up to 800 million soum in Tashkent and 500 million soum in other regions.
• Obligatsiyalar (Corporate Bond Issuance Program) Corporate bond issuance program enabling the company to attract long-term financing from institutional investors via the Uzbekistan Stock Exchange. Bonds offer periodic coupon payments (semi-annual or quarterly) with principal repayment at maturity, classified as highly liquid assets by the Central Bank of Uzbekistan and eligible for REPO operations. Eight issuances totaling 1,490 billion soum have been placed from 2023 through March 2026, with yields declining from 19% to 16.5%.
• Yashil Ta'mir Ipoteka (Green Renovation Mortgage) Eco-friendly mortgage product for home renovation and energy-efficient improvements, including installation of heat pumps and solar panels. The product helps reduce monthly payments for borrowers while promoting environmental sustainability, funded by the company's green bond program.
• Ipoteka Kafolati (Mortgage Guarantee Product) Mortgage guarantee product for self-employed individuals, expanding access to mortgage financing for non-traditional income earners who lack conventional paystub documentation. Developed to broaden financial inclusion in Uzbekistan's mortgage market.
• Ipoteka Obligatsiyalari (Mortgage Obligations / SPV Securities) Mortgage-backed securities being developed under Presidential decree for capital market development, expanding funding sources for mortgage lending. Issued through the UMRC SPV subsidiary to broaden the investor base and provide additional long-term funding channels beyond direct bond placements.

Quantifiable outcome

• Credit portfolio reached 5,586 trillion soum in 2025 (+29% YoY)
• +3 more outcomes

Named customers15 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• AloqabankminorChannel Partner/ Reseller/ Distributor · 13 May 2025Cooperation memorandum signed with Aloqabank for distribution of mortgage products and services.
• Cagamas Berhad (Malaysia National Mortgage Corporation)coreStrategic or Co-development PartnerBilateral Cooperation Memorandum signed between the companies. Cagamas is Malaysia's national mortgage corporation and a founding member of ASMMA. The partnership facilitates knowledge exchange on mortgage refinancing, capital market instruments, and Islamic finance products.
• ASMMA (Asian Secondary Mortgage Association)coreStrategic or Co-development PartnerCompany became an official member of ASMMA in December 2023. ASMMA is an informal, non-profit association of Asian secondary mortgage corporations/mortgage refinancing organizations. Membership facilitates experience sharing with counterparts from Malaysia, Korea, Indonesia, Kazakhstan, Kyrgyzstan, Pakistan, and other countries.
• DOM.RF (Russia)minorStrategic or Co-development PartnerStrategic cooperation being strengthened in housing construction and financial sectors between Uzbekistan and Russia.
• Kyrgyz State Mortgage CompanyminorStrategic or Co-development PartnerDelegation from Kyrgyzstan's State Mortgage Company visited to study the company's experience in mortgage market development, refinancing mechanisms, effective bank cooperation, and modern lending processes.
• Habitat for HumanityminorStrategic or Co-development PartnerMet during ADB Annual Meetings to discuss housing finance and green financing opportunities.
• ICBC Standard BankminorStrategic or Co-development PartnerMet during ADB Annual Meetings to discuss potential cooperation in capital market development and long-term resource mobilization.
• Galt & TaggartminorStrategic or Co-development PartnerMet during ADB Annual Meetings to discuss green financing, capital market development, institutional strengthening, and financial product diversification.
• Business & Finance ConsultingminorStrategic or Co-development PartnerMet during ADB Annual Meetings to discuss housing finance market development strategies.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• National Housing Bank of India (NHB): India's apex housing finance institution that regulates and refinances housing finance companies and supports the secondary mortgage market. Larger, more established institution that overlaps with UzKRI's secondary-market and capital-market mandates but with a much broader supervisory and development role.
• Fannie Mae (Federal National Mortgage Association): U.S. government-sponsored enterprise that purchases and securitizes residential mortgages from lenders to provide liquidity and support affordable housing finance. Operates the same core second-tier refinancing and MBS issuance model as UzKRI at vastly larger scale and in a mature market.
• Freddie Mac (Federal Home Loan Mortgage Corporation): U.S. government-sponsored enterprise that purchases single-family mortgages from lenders and issues mortgage-backed securities, mirroring UzKRI's refinance-and-securitize model. Comparable institutional design, vastly larger scale, and useful as a developed-market benchmark for the business model.

Direct peers

• Cagamas Berhad: Malaysia's national mortgage corporation and a founding member of ASMMA, with an explicit bilateral cooperation memorandum signed with UzKRI. Operates as the country's secondary mortgage market facility purchasing loans from financial institutions, the most direct structural and functional peer to UzKRI.
• Indonesia Mortgage Refinancing Company (IMR): Indonesia's secondary mortgage facility that refinances mortgage portfolios of partner banks and supports capital market development for housing finance. ASMMA member operating under a similar wholesale refinancing model to UzKRI in an emerging Asian market.
• Kyrgyzstan State Mortgage Company: State mortgage company of Kyrgyzstan that visited UzKRI to study its refinancing mechanisms, bank cooperation, and lending processes. Smaller-scope regional peer operating in a very similar post-Soviet Central Asian context with parallel institutional mandate.
• DOM.RF (formerly AHML): Russia's state-owned housing finance and development institution that supports the secondary mortgage market through securitization, refinancing, and developer financing. Strategic cooperation is being strengthened with UzKRI in housing construction and finance, and it is a natural post-Soviet reference point for UzKRI's institutional model.
• Kazakhstan Mortgage Company (KazMortgage): Kazakhstan's state-owned secondary mortgage market entity that refinances mortgage portfolios of partner banks and issues securities in the local capital market. Operates in a directly comparable Central Asian regulatory and macro environment and is an ASMMA peer.
• Korea Housing Finance Corporation (HF): South Korea's state-backed secondary mortgage institution that purchases mortgage loans from originator banks, issues mortgage-backed securities, and supplies long-term funding to the housing finance system. ASMMA counterpart with deeply comparable second-tier refinancing and MBS issuance activities.

Peers

• Pakistan Mortgage Refinance Company (PMRC):

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xt.me/UzMRC
• YouTubeyoutube.com/@UzMRC
• LinkedInlinkedin.com/company/uzbekistan-mortgage-refinancing-company
• Instagraminstagram.com/uzmrc_uz

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mortgage Refinancing Company of Uzbekistan