In the name of Allah, the Most Gracious, the Most Merciful.

We, the members of the AJR Shariah Supervisory Board, hereby affirm that the product “AJR Installment Plan”, offered on the AJR platform, complies with Islamic law (Shariah) and is structured in accordance with the Murabaha contract.

Product Description
The “AJR Installment Plan” involves the sale of goods or services that have already been purchased and are owned by AJR. The transaction is based on a deferred-payment sales contract (Murabaha).

Key features include:

• All goods/services available to the customer are already in AJR’s possession at the time of the transaction;
• The customer selects a product or service from available options and signs a Murabaha agreement specifying the full price and payment schedule;
• To activate the contract, the customer must make an initial payment of no less than 20% of the total price;
• The remaining amount is divided into equal installments over the agreed term.


Shariah Assessment
Based on the review of the business process, contract terms, and operational procedures, we confirm that the product meets the following Shariah principles:

• The structure is based on the classical Islamic Murabaha (cost-plus sale) model;
• There is no usurious (riba-based) income — the profit is generated through a fixed and disclosed markup;
• AJR’s revenue is derived solely from this pre-agreed markup;
• There are no penalty fees or late charges in the event of delayed payments;
• The full price and all obligations are transparent and disclosed upfront to the customer;
• The agreement is concluded voluntarily, without gharar (excessive uncertainty) or maysir (speculation or gambling);
• All verification, approval, biometric authentication, and signing processes adhere to Islamic ethical guidelines.

Standard Compliance
The “AJR Installment Plan” is in compliance with:

• The AAOIFI Shariah Standards, specifically Standard No. 8 – Murabaha;
• The practices of leading Islamic financial institutions in OIC countries.


AJR Shariah Supervisory Board:

• Ahmad Abu Yahya – Board Member
• Dias Moldabayev – Board Member
• Kuandyk Urazbayev – Board Member


May Allah support us in spreading fair, transparent, and halal financing.