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LOANS ISSUED
 3 Months Ended
Sep. 30, 2022
Loans and Leases Receivable Disclosure [Abstract]  
Loans issued LOANS ISSUED
Loans issued as of September 30, 2022, consisted of the following:
Amount OutstandingDue Dates
Average Interest Rate
Fair Value of CollateralLoan Currency
Mortgage loans$249,133 October, 2022 - September, 20479.16 %$250,228 KZT
Uncollateralized bank customer loans83,475 October, 2022 - September, 204218.85 %—KZT
Car loans11,531 October, 2022 - October, 202926.76 %11,738KZT
Collateralized Bank customer loans6,840 May, 2023 - September, 20231.55 %6,840KZT
Subordinated loans5,122 December, 2022-April, 20244.89 %— USD
Subordinated loans1,013 September, 202912.00 %— UAH
Loans issued to policyholders103 November, 2022 - June, 202314.55 %180KZT
Other140 May, 2022 - May, 20272.00 %—EUR
Total loans issued$357,357 
Freedom Bank KZ provides mortgage loans to borrowers on behalf of the JSC Kazakhstan Sustainability Fund ("Program Operator") related to the state mortgage program "7-20-25" and transfers the rights of claim on the loans to the Program Operator. Under this program, borrowers can receive a mortgage at an interest rate of 7%, for 20 years. In accordance with the program and trust management agreement, Freedom Bank KZ carries out trust management of transferred mortgage loans, and transfers all repayments of principal amounts of mortgages plus 3% of the 7% interest to the Program Operator. The remaining 4% of the 7% interest is retained by Freedom Bank KZ as margin. Under the program and trust management agreement, Freedom Bank KZ is required to repurchase the rights of claims on transferred mortgage loans, when the loan principal amount and interest payments are overdue 90 days or more. The repurchase of delinquent loans is performed at the loan nominal value.

Since the Freedom Bank KZ sells those loans with recourse for uncollectible amounts, retains part of interest from those loans, and agrees to service those loans after the sale, Freedom Bank KZ has determined that it retains control over the mortgage loans transferred and continues recognizing the loans. As Freedom Bank KZ continues to recognize the loans, it also recognizes the associated liability in the amount of $150,340 as of September 30, 2022, which is included within other liabilities in the Condensed Consolidated Balance Sheets. As of March 31, 2022 the corresponding liability amounted to $6,447.
As of September 30, 2022, mortgage loans include the state mortgage program "7-20-25" with a principal amount of $203,213.

Microfinance organization Freedom Finance Credit (“FFIN Credit”) is a start-up created by the Company's controlling shareholder, chairman and chief executive officer, Timur Turlov. It is a non-bank credit institution that issues loans in Kazakhstan under simplified lending procedures. FFIN Credit was created as a pilot project to test and improve the scoring models used for qualifying and issuing loans. The principal operation of FFIN Credit is to provide loans to customers online using biometric identification and its proprietary scoring process. After completion of the pilot launch, it is anticipated that the ownership of FFIN Credit will be transferred by Mr. Turlov to the Company.
During the six months ended September 30, 2022, the Company entered into agreements with FFIN Credit to purchase uncollateralized consumer retail loans. The agreements provide the Company the ability to sell back to FFIN Credit up to $36,010 of the total loans purchased.
The Company has determined that it has received control over the transferred loans, with the exception of the amount it has the right to sell back to the transferor, accordingly the Company has recognized the loans on its Condensed Consolidated Balance Sheets.    

During the three and six months ended September 30, 2022, the Company purchased loans in the aggregate amount of $18,115 and $74,796 and sold back loans totaling $9,713 and $19,545 to the FFIN Credit, respectively. During the three and six months ended September 30, 2021, the Company purchased loans in the aggregate amount of $14,204 and $19,474 and sold back loans totaling $2,860 and $2,860 to the microfinance organization, respectively.

As of September 30, 2022, the Company held outstanding loans purchased from the FFIN Credit totaling $87,543, net of an allowance of $4,137.
Loans issued as of March 31, 2022, consisted of the following:
Amount OutstandingDue Dates
Average Interest Rate
Fair Value of CollateralLoan Currency
Mortgage loans$51,924 April 2022 - March 204711.86 %52,134KZT
Uncollateralized bank customer loans34,067 April 2022 - March 204717.56 %—KZT
Subordinated loan5,033 December 2022-April 20244.89 %—USD
Subordinated loan1,256 December 2022-April 20247.00 %—UAH
Other123 February 2022-Febraury 20272.50 %—USD
Loans to policyholders43 July 2022 - March 202312.02 %284KZT
Total loans issued (recasted)$92,446