kazakhstan ijara

What kazakhstan ijara does

Kazakhstan Ijara Company (KIC Leasing), founded in 2013 and headquartered in Almaty, is the first Islamic leasing company in Kazakhstan. It provides Sharia-compliant financing to small and medium-sized enterprises (SMEs) via two core instruments: Ijara, a long-term lease with ownership transferring to the client upon completion of payments, and Murabaha, an installment-sale structure with an agreed markup where the underlying asset serves as collateral until full settlement. All products operate without interest (riba) under Islamic finance principles, and are certified and audited annually by the Sharia Review Bureau (Bahrain) per AAOIFI standards.

KIC's business model is built on direct B2B origination and a referral distribution network that includes equipment and automotive suppliers such as CBC Group, JCB, Allur, Eurasian Machinery, Bosfo Motors, Asay, Baikonur, and 100auto. Clients select an asset, apply to KIC, and receive financing structured to Sharia requirements; advance payments of 20-40% are common, with lease terms of 37, 48, or 60 months and monthly rental billing. Since inception, KIC has financed more than 500 clients for a cumulative value exceeding $140 million, with 150+ active client companies today, supported by a team of 25+ professionals.

The company is a joint-stock company (AO) anchored by institutional shareholders including the Islamic Corporation for the Development of the Private Sector (ICD, 36%), ProFile.kz (18%), ADCB Islamic Bank (14%), Kolon World Investment (11%), Eurasia Swiss Holding AG (7%), and Aktif Bank. KIC participates in Kazakhstan's National Entrepreneurship Development Project 2021-2025 through the JSC Damu Entrepreneurship Development Fund, enabling SME clients to access partial rental subsidies that distinguish KIC's offering from conventional bank leasing. An online leasing calculator is provided on the corporate website (kic.kz) alongside customer support in Russian, Kazakh, and English.

Name

kazakhstan ijara

Legal name

AO Kazakhstan Ijara Company (АО "Казахстанская Иджара Компания")

Website

https://kic.kz

Company type

Private

Founded year

2013

Operating status

Operating

Short description

Kazakhstan Ijara Company (KIC Leasing), founded in 2013 in Almaty, is the first Sharia-compliant leasing firm in Kazakhstan, providing Ijara and Murabaha financing to SMEs for equipment, vehicles, and machinery.

Ownership category

akta.pro rank

Product category

Islamic Leasing

NAICS

Commercial and Industrial Machinery and Equipment Rental and Leasing (5324)

SIC

Finance Lessors (6172)

akta.pro primary industry

Islamic SME & Commercial Banking (FSABAGAB)

akta.pro secondary industries

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Islamic leasing services
• Sharia-compliant financing
• Murabaha installment sales
• SME equipment leasing
• Interest-free business financing

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Ijara (Islamic Leasing) Revenue: Revenue generated from long-term rental payments under Islamic leasing agreements. Clients pay regular rentals for equipment, vehicles, or other property over the contract period, with ownership transferring at completion. The margin/profit is built into rental payments without interest.
2. Murabaha (Installment Sale) Revenue: Revenue from deferred payment sales where KIC purchases goods and resells to clients at an agreed markup, payable in installments. Property serves as collateral until full settlement.
3. Subsidy Administration: KIC participates in government subsidy programs through Damu Fund, providing partial rental payment subsidies to eligible SME clients under the National Entrepreneurship Development Project 2021-2025.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Kazakhstan Ijara Company (KIC Leasing) provides Sharia-compliant financing to small and medium-sized enterprises in Kazakhstan through two core products: Ijara, a long-term rental of equipment, vehicles, and machinery with ownership transferring to the client upon completion of payments, and Murabaha, an installment sale with a defined markup and collateralized by the underlying asset. All products operate without interest (riba) under Islamic finance principles and are certified by the Sharia Review Bureau (Bahrain) per AAOIFI standards.

Product overview

KIC Leasing operates as a Sharia-compliant leasing company offering two core Islamic finance products: Ijara (long-term leasing with ownership transfer) and Murabaha (installment sale with immediate ownership transfer). Both products serve small and medium-sized businesses in Kazakhstan, financing equipment, vehicles, and machinery. The company provides an online leasing calculator as a supporting tool. The products are structured according to Islamic finance principles with Sharia Bureau oversight.

Differentiator

Problem solved

Functional benefit

Products and services

• Ijara (Islamic Leasing) Long-term rental of property (equipment, vehicles, machinery) for SME clients with ownership transferring to the client upon completion of the lease term; operates without interest (riba) per Islamic finance principles, certified by the Sharia Review Bureau (Bahrain) per AAOIFI standards.
• Murabaha (Installment Sale) Purchase agreement in installments where the goods price is precisely determined with an agreed margin; ownership transfers immediately but the underlying asset remains as collateral until full repayment, providing Sharia-compliant asset financing for SMEs.

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• CBC GroupminorChannel Partner/ Reseller/ DistributorEquipment supplier partner referring customers to KIC for Islamic financing. CBC Group operates in Kazakhstan's equipment distribution sector.
• JCBminorChannel Partner/ Reseller/ DistributorJCB equipment brand representation in Kazakhstan through partner referral arrangement for construction equipment financing.
• AllurminorChannel Partner/ Reseller/ DistributorAutomotive and equipment distributor in Kazakhstan referring customers for Islamic leasing financing solutions.
• Eurasian MachineryminorChannel Partner/ Reseller/ DistributorIndustrial and agricultural machinery distributor with referral partnership for equipment financing through Islamic leasing.
• Bosfo MotorsminorChannel Partner/ Reseller/ DistributorCommercial vehicle dealer referring customers to KIC for Islamic financing of vehicle acquisitions.
• AsayminorChannel Partner/ Reseller/ DistributorEquipment supplier partner with customer referral arrangement for Islamic financing solutions.
• BaikonurminorChannel Partner/ Reseller/ DistributorAutomotive dealer in Kazakhstan referring customers for vehicle financing through Islamic leasing.
• 100autominorChannel Partner/ Reseller/ DistributorAuto dealership referral partner for vehicle financing through KIC's Islamic leasing products.
• JSC Damu Entrepreneurship Development FundcoreStrategic or Co-development PartnerGovernment fund supporting SME development. KIC participates in National Project for Entrepreneurship Development 2021-2025, enabling clients to receive partial rental payment subsidies under approved conditions.
• Sharia Review Bureau (SRB)coreStrategic or Co-development PartnerSharia consulting firm based in Bahrain providing Sharia compliance certification, Council creation, continuous certification, and Sharia audits per AAOIFI and GISIF No. 2 standards. SRB operates in 21+ countries.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ADCB Islamic Bank (Islamic Bank of Kazakhstan): First Islamic bank in Kazakhstan and CIS, established with support from Kazakhstan and UAE governments. Direct peer because it operates in the same country offering Sharia-compliant financial products to similar clientele and is also a shareholder (14%) of KIC.
• ProFile.kz (Kazakhstan leasing operator): Kazakhstani leasing company (and 18% KIC shareholder) operating since 2011, specializing in leasing for corporate and SME sectors. Comparable as a domestic leasing operator targeting the same SME customer base with adjacent (conventional) leasing products.

Broad incumbents

• Al Baraka Banking Group: Leading Islamic banking group operating across multiple countries with full suite of Sharia-compliant products including Ijara and Murabaha. Comparable as a broader Islamic finance incumbent offering overlapping product capabilities in emerging markets.
• Al Rajhi Banking and Investment Corporation: One of the largest Islamic banks globally, offering Ijara and Murabaha financing to retail and SME clients. Comparable for its dominant position in Islamic leasing and asset financing products analogous to KIC's core offerings.
• Kuwait Finance House: Major Islamic financial institution offering Ijara, Murabaha, and related Sharia-compliant products across the Middle East and globally. Comparable for its extensive Islamic leasing operations and SME focus in markets with Muslim-majority populations.
• Emirates Islamic Bank: UAE-based Islamic bank offering full suite of Sharia-compliant products including Ijara financing. Comparable for its portfolio of Ijara and Murabaha solutions serving SME and retail clients in a Muslim-majority market.
• Abu Dhabi Islamic Bank (ADIB): Major UAE-based Islamic bank offering Ijara, Murabaha, and other Sharia-compliant financing. Comparable for its asset financing and Islamic banking infrastructure, providing a benchmark for KIC's growth potential in a more mature Islamic finance market.

Regional players

• Halyk Bank of Kazakhstan: Largest retail bank in Kazakhstan, offering conventional leasing and SME financing. Comparable as a domestic incumbent that competes for the same SME equipment-financing wallet, but operates via conventional interest-based products.

Emerging players

• Bait Al Mal Al Khaleeji (BMI Bank) / Gulf International Bankers: Islamic finance institution focused on Sharia-compliant corporate and SME financing in MENA. Comparable for its emerging Islamic finance product set including Ijara, with a similar target of bringing Islamic leasing to under-penetrated markets.

Others

• ICD (Islamic Corporation for the Development of the Private Sector): Parent shareholder of KIC (36%) and largest investor in Islamic leasing companies across 13 countries. Relevant as an institutional enabler, providing KIC access to ICD's broader portfolio network and Islamic finance ecosystem across member countries.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/kazakhstan-ijara-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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 kazakhstan ijara