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Azerbaijani Hypothec Fund resumes list of insurance agents

Business Materials 25 May 2009 16:52 (UTC +04:00)

Azerbaijan, Baku, May 25 / Trend U. Ismayilova /

The Azerbaijani Hypothec Fund under the Azerbaijani Central Bank has suspended granting of hypothecary loans since summer 2007 because of lack of means and resumed a list of insurance agents, the fund said on May 25.  

Roughly 10 insurance companies are included in a new list. Earlier 11 insurance companies were included in the list. Azersigorta, Alfa Sigorta, Atasigorta, Atesgah Sigorta, Basak-İnam Sigorta,  Beynelxalq Sigorta, MBASK, Pasa Sigorta, Standard İnsurance and Baki Sigorta have access to hypothecary loans insurance allocated through the fund.

These companies insure life of borrower within hypothecary loaning.

Roughly 28 insurance companies operate in Azerbaijan.

The fund refinanced hypothecary loans via 23 authorized bank organizations. The fund suspended hypothecary loaning because of lack of means. Presently, the fund refinanced hypothecary loans in the amount of 63.9 million manat granted by authorized banks or 94 percent of total amount of hypothecary portfolio. The fund conducted active operations on financing of house purchasing from March 2006 to June 2007. That time banks granted hypothecary loans in the amount of 67.9 million manat.

Roughly 94 million manat in the Azerbaijani state budget is envisaged for hypothec financing via the Azerbaijani Hypothec Fund over 2005-2008, 68 million manat has been already allocated via banks.

There is 14.5 million manat in the state budget to finance social hypothec in 2009.

On May 25, the official exchange rate is 0.8036 to $1.

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