Public murabaha agreement
on the sale of goods in installments
AJR Finance Limited (hereinafter — the "Financial Organization" or "AJR Finance"), acting under License No. AFSA-A-LA-2026-0013 dated 15.06.2026, issued by the Financial Services Regulatory Committee of the Astana International Financial Centre (Astana Financial Services Authority, AFSA) for the conduct of regulated activities related to the provision of Islamic financing, hereby offers any fully legally capable individual who meets the requirements of the Financial Organization (hereinafter — the "Client") to enter into a Murabaha Agreement — a sale-purchase agreement for goods in installments — on the terms set forth below.
This Agreement is a public offer. By performing all the actions listed in Section 3, the Client expresses full and unconditional agreement with the terms of the Agreement.
The Agreement is drawn up and performed in accordance with the law of the Astana International Financial Centre (hereinafter — the "AIFC") and the principles of Islamic finance (the prohibition of riba — usury, gharar — excessive uncertainty, maysir — gambling), and, in respect of matters not regulated by AIFC law, by the applicable legislation of the Republic of Kazakhstan, including the rules on consumer protection.
1. Key definitions
1.1. Murabaha — an Islamic financial transaction whereby the Financial Organization first acquires the Goods from a Partner into its own ownership, and then sells them to the Client with a pre-agreed fixed markup, in installments. This is not a credit or a loan — the Financial Organization sells the Client an actual good that it owns at the moment of sale.
1.2. Goods — any tangible item acquired by the Financial Organization from a Partner and transferred to the Client under this Agreement. Goods whose circulation is prohibited by law or contrary to the principles of Islamic law (alcohol, tobacco, pork, gambling, pornography and other haram products) may not be the subject of the Agreement.
1.3. Partner — supplier of the Goods — a legal entity or individual entrepreneur that has entered into an agreement with AJR Finance and obtained access to the AJR platform for submitting Client applications. The Partner is not a party to this Agreement.
1.4. Application — an electronic document that the Partner prepares through the AJR platform. The Application indicates the data of the Client and the Guarantor, the name and characteristics of the Goods, their price, the amount of the down payment, and the term of the installment plan.
1.5. Price of the Goods — the amount payable by the Client for the Goods. It includes the cost of the Financial Organization's acquisition of the Goods from the Partner and AJR Finance's fixed trade markup. The markup is disclosed to the Client in advance, agreed upon at the conclusion of the Agreement, and is not interest (riba): it does not depend on the period of use of money and does not change in the event of late payment.
1.6. Down Payment — part of the Price of the Goods (not less than 10%) paid by the Client upon conclusion of the Agreement. It is not a pledge or earnest money — it is credited toward the total price.
1.7. Installment Plan (Payment Schedule) — the procedure for paying the remaining part of the Price of the Goods in equal monthly payments. The Installment Plan does not involve the accrual of interest. The Payment Schedule is displayed in the AJR mobile application.
1.8. Acceptance — the Client's acceptance of the terms of this Agreement by performing the actions described in Section 3. The Agreement is deemed concluded from the moment of acceptance.
1.9. Guarantor — a person who, at the request of the Financial Organization, assumes joint and several liability for the Client's timely payment for the Goods. The Guarantor undergoes the same verification as the Client and accepts the Agreement separately.
1.10. Ta'widh — compensation for actual and documented expenses incurred by the Financial Organization in collecting overdue debt (legal expenses, notices, court fees, collection agency services, etc.). It is not a fine or interest for late payment.
1.11. Force Majeure — circumstances of insuperable force beyond the control of the parties (natural disasters, war, state prohibitions, etc.), confirmed in writing by an authorized body of the Republic of Kazakhstan.
2. Subject of the Agreement
2.1. In accordance with the terms of this Agreement, the Financial Organization acquires the Goods from the Partner into its own ownership, and then sells them to the Client at a fixed price with an agreed markup. The Client accepts the Goods and pays their price in installments in accordance with the Payment Schedule.
2.2. This Agreement is not a credit or a loan. AJR Finance does not transfer monetary funds to the Client — it sells the Client an actual good that was acquired at its own expense and was in its ownership prior to transfer to the Client. The Client's obligation is limited to paying the agreed price of the Goods in installments.
2.3. The Financial Organization concludes an agreement with the Partner only after the Application has been submitted and approved. Applications for amounts up to 1,000,000 tenge are reviewed automatically; from 1,000,000 tenge up to 2,000,000 tenge — with additional verification.
2.4. Title to the Goods passes to the Client from the moment of their actual transfer. The transfer is carried out by the Partner on behalf of AJR Finance. From that same moment, all risks of accidental loss or damage to the Goods pass to the Client.
2.5. The actual transfer is confirmed by an acceptance certificate, which constitutes proper evidence of the performance of AJR Finance's obligations and does not create a separate agreement between the Partner and the Client.
2.6. AJR Finance warrants that the Goods are new, free from the rights of third parties, not under attachment or in dispute, and comply with the terms of the Agreement as to quality and fitness for purpose. All rights of the buyer, including warranty rights and rights to replacement in the event of material defects, pass to the Client from the moment the Goods are transferred.
3. Procedure for concluding the Agreement
3.1. To conclude the Agreement, the Client sequentially performs the following actions in the AJR mobile application:
3.2. The Agreement is deemed concluded at the moment all four steps are completed. The place of conclusion of the Agreement is the city of Astana, the territory of the AIFC.
3.3. If the Client does not confirm the Application within 24 hours from the time it is submitted, the Application is automatically cancelled and the Agreement is not deemed concluded.
3.4. All actions performed using the Client's account in the AJR application are deemed to be the Client's own actions.
3.5. By accepting the Agreement, the Client confirms that he is a legally capable adult, understands the legal nature of the sale-purchase transaction in installments under the Murabaha model, undertakes the obligation to pay the price of the Goods in accordance with the Schedule, and has been made familiar with the terms of return of the Goods and the protection of consumer rights.
4. Price and payment procedure
4.1. The down payment is not less than 10% of the Price of the Goods specified in the Application. It is paid by non-cash means to AJR Finance's account simultaneously with the acceptance of the Agreement. It is credited toward the total price.
4.2. Until AJR Finance makes payment to the relevant Partner, the Client's down payment is held intact and is not used for other purposes. If the transfer of the Goods does not take place through no fault of the Client (the Partner refused to supply the Goods, the Financial Organization cancelled the Application for organizational reasons, etc.), the down payment is refunded to the Client in full, without any deductions.
4.3. The remaining part of the Price is paid monthly in accordance with the Payment Schedule displayed in the AJR mobile application. The Client independently initiates each payment — no automatic debiting is carried out without an explicit action by the Client. The Client is obliged to keep the bank card details in the application up to date.
4.4. The Price of the Goods and the trade markup are fixed at the moment of conclusion of the Agreement and may not be unilaterally increased, including in the event of late payment. The Financial Organization does not charge penalty interest or late fees for the mere fact of delay.
5. Return of goods
5.1. The Client has the right to return Goods of proper quality within 14 calendar days from the moment of their receipt, provided that their merchantable appearance and consumer properties have been preserved. In this case:
5.2. Goods of improper quality are subject to return or replacement within the warranty period. If the damage occurred prior to the transfer of the Goods to the Client through the fault of the Partner, liability rests with the Partner.
6. Suretyship
6.1. At the request of AJR Finance, the Client shall engage a Guarantor, who assumes joint and several liability for the timely payment of the Price of the Goods.
6.2. The Guarantor undergoes the same identification and verification procedures as the Client and accepts the Agreement separately — by video identification and entry of a one-time password (OTP) sent to the Guarantor's phone number.
6.3. If the Client violates the Payment Schedule, AJR Finance shall notify the Client through the AJR application or to the phone number specified at registration. The Client is obliged to repay the overdue amount within 7 calendar days. If the debt is not repaid, AJR Finance shall send a demand to the Guarantor, who is obliged to perform it within 3 business days.
6.4. If the Guarantor performs the obligation, the Guarantor acquires a right of recourse against the Client for the amount paid.
6.5. The suretyship remains in effect until the Client has fully performed all obligations under the Agreement.
7. Liability of the parties
7.1. In the event of late payment, the Client shall reimburse AJR Finance for the actual and documented expenses of collecting the debt (Ta'widh): legal services, notices, collection agency services, court fees, and notary expenses. No penalty interest shall be charged for late payment.
7.2. In the event of delay, AJR Finance is entitled to claim only the actually overdue payments — without early demand for the entire remaining amount. Collection may be carried out repeatedly as each new delay arises.
7.3. AJR Finance is liable for transferring to the Client Goods of proper quality that comply with the terms of the Agreement and are free from the rights of third parties. If the Goods were not transferred for reasons unrelated to the Client, AJR Finance shall refund the down payment and all amounts paid in full.
7.4. AJR Finance does not itself carry out delivery of the Goods. The Client receives the Goods directly from the Partner, who transfers them on behalf of AJR Finance. This does not create a separate agreement between the Partner and the Client.
7.5. Limitation period. A claim for breach of the Agreement may be brought within 6 years from the date the grounds for the claim arose.
8. Client's consents
8.1. By accepting this Agreement, the Client and the Guarantor give AJR Finance the following consents:
8.2. The Client and the Guarantor are obliged to notify AJR Finance of any change of phone number, email address and other contact information within 3 business days through the AJR application. Notices sent to the last known contact information shall be deemed duly delivered.
9. Claims and dispute resolution
9.1. Pre-trial procedure. Before applying to court or arbitration, the Client shall send a written claim to AJR Finance at the email address info@ajr.kz. The review period is 10 business days. The Client is also entitled to use AJR Finance's internal complaint-handling procedure (period — up to 30 calendar days).
9.2. All disputes, disagreements or claims arising out of or in connection with this Agreement shall be finally settled in the Court of the Astana International Financial Centre (AIFC Court). The Parties agree that proceedings in the AIFC Court shall be conducted in the Russian language, and that the applicable substantive law shall be the law of the AIFC in force.
9.3. The law of the AIFC and the principles of Islamic finance shall apply to the merits of the dispute, and, to the extent not regulated thereby, the legislation of the Republic of Kazakhstan.
10. Term of the Agreement
10.1. The Agreement enters into force at the moment of the Client's acceptance and remains in effect until all parties have fully performed their obligations to pay for the Goods.
10.2. By accepting the offer, the Client confirms that he has reviewed AJR Finance's Privacy Policy, accepts its terms, and agrees to the processing of his personal data.
10.3. On all matters not expressly regulated by this Agreement, the law of the AIFC shall apply, and, to the extent not regulated thereby, the legislation of the Republic of Kazakhstan and the principles of Islamic finance applicable to the Murabaha model.
11. Details of the Financial Organization
Name: AJR Finance Limited
Registered address: AIFC territory, Republic of Kazakhstan, city of Astana, Yesil District, Mangilik El Avenue, building 55/23, block C4.4, office No. 338
License No. AFSA-A-LA-2026-0013 dated 15.06.2026, issued by the AIFC Financial Services Regulatory Committee for the conduct of regulated activities related to the provision of Islamic financing
Email: info@ajr.kz
Mobile application: AJR
Acceptance of this offer by the Client through video identification, entry of the one-time password and payment of the down payment is equivalent to a handwritten signature and gives rise to all legal consequences in accordance with the law of the Astana International Financial Centre and the applicable legislation of the Republic of Kazakhstan.
on the sale of goods in installments
AJR Finance Limited (hereinafter — the "Financial Organization" or "AJR Finance"), acting under License No. AFSA-A-LA-2026-0013 dated 15.06.2026, issued by the Financial Services Regulatory Committee of the Astana International Financial Centre (Astana Financial Services Authority, AFSA) for the conduct of regulated activities related to the provision of Islamic financing, hereby offers any fully legally capable individual who meets the requirements of the Financial Organization (hereinafter — the "Client") to enter into a Murabaha Agreement — a sale-purchase agreement for goods in installments — on the terms set forth below.
This Agreement is a public offer. By performing all the actions listed in Section 3, the Client expresses full and unconditional agreement with the terms of the Agreement.
The Agreement is drawn up and performed in accordance with the law of the Astana International Financial Centre (hereinafter — the "AIFC") and the principles of Islamic finance (the prohibition of riba — usury, gharar — excessive uncertainty, maysir — gambling), and, in respect of matters not regulated by AIFC law, by the applicable legislation of the Republic of Kazakhstan, including the rules on consumer protection.
1. Key definitions
1.1. Murabaha — an Islamic financial transaction whereby the Financial Organization first acquires the Goods from a Partner into its own ownership, and then sells them to the Client with a pre-agreed fixed markup, in installments. This is not a credit or a loan — the Financial Organization sells the Client an actual good that it owns at the moment of sale.
1.2. Goods — any tangible item acquired by the Financial Organization from a Partner and transferred to the Client under this Agreement. Goods whose circulation is prohibited by law or contrary to the principles of Islamic law (alcohol, tobacco, pork, gambling, pornography and other haram products) may not be the subject of the Agreement.
1.3. Partner — supplier of the Goods — a legal entity or individual entrepreneur that has entered into an agreement with AJR Finance and obtained access to the AJR platform for submitting Client applications. The Partner is not a party to this Agreement.
1.4. Application — an electronic document that the Partner prepares through the AJR platform. The Application indicates the data of the Client and the Guarantor, the name and characteristics of the Goods, their price, the amount of the down payment, and the term of the installment plan.
1.5. Price of the Goods — the amount payable by the Client for the Goods. It includes the cost of the Financial Organization's acquisition of the Goods from the Partner and AJR Finance's fixed trade markup. The markup is disclosed to the Client in advance, agreed upon at the conclusion of the Agreement, and is not interest (riba): it does not depend on the period of use of money and does not change in the event of late payment.
1.6. Down Payment — part of the Price of the Goods (not less than 10%) paid by the Client upon conclusion of the Agreement. It is not a pledge or earnest money — it is credited toward the total price.
1.7. Installment Plan (Payment Schedule) — the procedure for paying the remaining part of the Price of the Goods in equal monthly payments. The Installment Plan does not involve the accrual of interest. The Payment Schedule is displayed in the AJR mobile application.
1.8. Acceptance — the Client's acceptance of the terms of this Agreement by performing the actions described in Section 3. The Agreement is deemed concluded from the moment of acceptance.
1.9. Guarantor — a person who, at the request of the Financial Organization, assumes joint and several liability for the Client's timely payment for the Goods. The Guarantor undergoes the same verification as the Client and accepts the Agreement separately.
1.10. Ta'widh — compensation for actual and documented expenses incurred by the Financial Organization in collecting overdue debt (legal expenses, notices, court fees, collection agency services, etc.). It is not a fine or interest for late payment.
1.11. Force Majeure — circumstances of insuperable force beyond the control of the parties (natural disasters, war, state prohibitions, etc.), confirmed in writing by an authorized body of the Republic of Kazakhstan.
2. Subject of the Agreement
2.1. In accordance with the terms of this Agreement, the Financial Organization acquires the Goods from the Partner into its own ownership, and then sells them to the Client at a fixed price with an agreed markup. The Client accepts the Goods and pays their price in installments in accordance with the Payment Schedule.
2.2. This Agreement is not a credit or a loan. AJR Finance does not transfer monetary funds to the Client — it sells the Client an actual good that was acquired at its own expense and was in its ownership prior to transfer to the Client. The Client's obligation is limited to paying the agreed price of the Goods in installments.
2.3. The Financial Organization concludes an agreement with the Partner only after the Application has been submitted and approved. Applications for amounts up to 1,000,000 tenge are reviewed automatically; from 1,000,000 tenge up to 2,000,000 tenge — with additional verification.
2.4. Title to the Goods passes to the Client from the moment of their actual transfer. The transfer is carried out by the Partner on behalf of AJR Finance. From that same moment, all risks of accidental loss or damage to the Goods pass to the Client.
2.5. The actual transfer is confirmed by an acceptance certificate, which constitutes proper evidence of the performance of AJR Finance's obligations and does not create a separate agreement between the Partner and the Client.
2.6. AJR Finance warrants that the Goods are new, free from the rights of third parties, not under attachment or in dispute, and comply with the terms of the Agreement as to quality and fitness for purpose. All rights of the buyer, including warranty rights and rights to replacement in the event of material defects, pass to the Client from the moment the Goods are transferred.
3. Procedure for concluding the Agreement
3.1. To conclude the Agreement, the Client sequentially performs the following actions in the AJR mobile application:
- Undergoes video identification confirming identity and intent.
- Undergoes identification through the State Database of Individuals by entering an SMS code.
- Confirms agreement with the terms of the Agreement by entering a one-time password (OTP) sent to the Client's phone number.
- Pays the down payment in the amount specified in the Application.
3.2. The Agreement is deemed concluded at the moment all four steps are completed. The place of conclusion of the Agreement is the city of Astana, the territory of the AIFC.
3.3. If the Client does not confirm the Application within 24 hours from the time it is submitted, the Application is automatically cancelled and the Agreement is not deemed concluded.
3.4. All actions performed using the Client's account in the AJR application are deemed to be the Client's own actions.
3.5. By accepting the Agreement, the Client confirms that he is a legally capable adult, understands the legal nature of the sale-purchase transaction in installments under the Murabaha model, undertakes the obligation to pay the price of the Goods in accordance with the Schedule, and has been made familiar with the terms of return of the Goods and the protection of consumer rights.
4. Price and payment procedure
4.1. The down payment is not less than 10% of the Price of the Goods specified in the Application. It is paid by non-cash means to AJR Finance's account simultaneously with the acceptance of the Agreement. It is credited toward the total price.
4.2. Until AJR Finance makes payment to the relevant Partner, the Client's down payment is held intact and is not used for other purposes. If the transfer of the Goods does not take place through no fault of the Client (the Partner refused to supply the Goods, the Financial Organization cancelled the Application for organizational reasons, etc.), the down payment is refunded to the Client in full, without any deductions.
4.3. The remaining part of the Price is paid monthly in accordance with the Payment Schedule displayed in the AJR mobile application. The Client independently initiates each payment — no automatic debiting is carried out without an explicit action by the Client. The Client is obliged to keep the bank card details in the application up to date.
4.4. The Price of the Goods and the trade markup are fixed at the moment of conclusion of the Agreement and may not be unilaterally increased, including in the event of late payment. The Financial Organization does not charge penalty interest or late fees for the mere fact of delay.
5. Return of goods
5.1. The Client has the right to return Goods of proper quality within 14 calendar days from the moment of their receipt, provided that their merchantable appearance and consumer properties have been preserved. In this case:
- The Murabaha Agreement is terminated from the moment the Goods are actually returned to the Partner.
- The down payment and all monthly payments made are refunded to the Client within 10 business days, less the Financial Organization's documented processing and bank commission expenses.
- The trade markup is not charged and is not withheld.
- The cost of delivery of the Goods upon return is borne by the Client.
5.2. Goods of improper quality are subject to return or replacement within the warranty period. If the damage occurred prior to the transfer of the Goods to the Client through the fault of the Partner, liability rests with the Partner.
6. Suretyship
6.1. At the request of AJR Finance, the Client shall engage a Guarantor, who assumes joint and several liability for the timely payment of the Price of the Goods.
6.2. The Guarantor undergoes the same identification and verification procedures as the Client and accepts the Agreement separately — by video identification and entry of a one-time password (OTP) sent to the Guarantor's phone number.
6.3. If the Client violates the Payment Schedule, AJR Finance shall notify the Client through the AJR application or to the phone number specified at registration. The Client is obliged to repay the overdue amount within 7 calendar days. If the debt is not repaid, AJR Finance shall send a demand to the Guarantor, who is obliged to perform it within 3 business days.
6.4. If the Guarantor performs the obligation, the Guarantor acquires a right of recourse against the Client for the amount paid.
6.5. The suretyship remains in effect until the Client has fully performed all obligations under the Agreement.
7. Liability of the parties
7.1. In the event of late payment, the Client shall reimburse AJR Finance for the actual and documented expenses of collecting the debt (Ta'widh): legal services, notices, collection agency services, court fees, and notary expenses. No penalty interest shall be charged for late payment.
7.2. In the event of delay, AJR Finance is entitled to claim only the actually overdue payments — without early demand for the entire remaining amount. Collection may be carried out repeatedly as each new delay arises.
7.3. AJR Finance is liable for transferring to the Client Goods of proper quality that comply with the terms of the Agreement and are free from the rights of third parties. If the Goods were not transferred for reasons unrelated to the Client, AJR Finance shall refund the down payment and all amounts paid in full.
7.4. AJR Finance does not itself carry out delivery of the Goods. The Client receives the Goods directly from the Partner, who transfers them on behalf of AJR Finance. This does not create a separate agreement between the Partner and the Client.
7.5. Limitation period. A claim for breach of the Agreement may be brought within 6 years from the date the grounds for the claim arose.
8. Client's consents
8.1. By accepting this Agreement, the Client and the Guarantor give AJR Finance the following consents:
- to the collection, processing and storage of personal data in accordance with the requirements of AIFC law and the legislation of the Republic of Kazakhstan on personal data.
- to obtaining personal data from the State Database of Individuals of the Republic of Kazakhstan for purposes of identification and verification.
- to the transfer of information about the Agreement and its performance to credit bureaus of the Republic of Kazakhstan, as well as to obtaining credit reports on the Client and the Guarantor.
- to the engagement, for the collection of overdue debt, of a collection agency included in the register of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, acting on behalf of AJR Finance. The right of claim against the Client is not assigned (sold) to third parties.
8.2. The Client and the Guarantor are obliged to notify AJR Finance of any change of phone number, email address and other contact information within 3 business days through the AJR application. Notices sent to the last known contact information shall be deemed duly delivered.
9. Claims and dispute resolution
9.1. Pre-trial procedure. Before applying to court or arbitration, the Client shall send a written claim to AJR Finance at the email address info@ajr.kz. The review period is 10 business days. The Client is also entitled to use AJR Finance's internal complaint-handling procedure (period — up to 30 calendar days).
9.2. All disputes, disagreements or claims arising out of or in connection with this Agreement shall be finally settled in the Court of the Astana International Financial Centre (AIFC Court). The Parties agree that proceedings in the AIFC Court shall be conducted in the Russian language, and that the applicable substantive law shall be the law of the AIFC in force.
9.3. The law of the AIFC and the principles of Islamic finance shall apply to the merits of the dispute, and, to the extent not regulated thereby, the legislation of the Republic of Kazakhstan.
10. Term of the Agreement
10.1. The Agreement enters into force at the moment of the Client's acceptance and remains in effect until all parties have fully performed their obligations to pay for the Goods.
10.2. By accepting the offer, the Client confirms that he has reviewed AJR Finance's Privacy Policy, accepts its terms, and agrees to the processing of his personal data.
10.3. On all matters not expressly regulated by this Agreement, the law of the AIFC shall apply, and, to the extent not regulated thereby, the legislation of the Republic of Kazakhstan and the principles of Islamic finance applicable to the Murabaha model.
11. Details of the Financial Organization
Name: AJR Finance Limited
Registered address: AIFC territory, Republic of Kazakhstan, city of Astana, Yesil District, Mangilik El Avenue, building 55/23, block C4.4, office No. 338
License No. AFSA-A-LA-2026-0013 dated 15.06.2026, issued by the AIFC Financial Services Regulatory Committee for the conduct of regulated activities related to the provision of Islamic financing
Email: info@ajr.kz
Mobile application: AJR
Acceptance of this offer by the Client through video identification, entry of the one-time password and payment of the down payment is equivalent to a handwritten signature and gives rise to all legal consequences in accordance with the law of the Astana International Financial Centre and the applicable legislation of the Republic of Kazakhstan.