Sunday10 November 2024
inbusinesskz.com

Sharlapaev explained why "Otbasy Bank" has monopolized the affordable mortgage market in Kazakhstan.

The Minister of Industry and Construction, Kanat Sharlapaev, explained the reasons why "Otbasy Bank" offers more favorable mortgage programs and why other banks are unable to provide the same terms to citizens, as reported by Orda.kz.
Шарлапаев объяснил, почему «Отбасы банк» стал монополистом на рынке льготной ипотеки в Казахстане.
“Regarding the housing and social banking system itself — the law does not prohibit anyone from opening such a bank. If there are investors, then according to current legislation, it is possible to establish such a bank and provide services similar to those of 'Otbasy Bank'. Here, perhaps, the question lies more with our financial institutions or construction companies as to why they have not yet created such an institution,” said the minister at a government briefing.

He emphasized that he will continue to advocate for 'Otbasy Bank' to have such non-market lending instruments, as this benefits the citizens of the country.