IDB ready for financing extension of leasing company portfolio in Azerbaijan
Azerbaijan, Baku, June 30 / Trend I. Khalilova /
Islamic Development Bank is ready for rendering support to Ansar Leasing Company established in Azerbaijan to expand its business and turn into leading leasing company of the county, director general of the company Jeyhun Nagiyev said. Islamic Corporation for the Development of the Private Sector (ICD enters IDB group) is the only founder of Ansar Leasing.
"We hope that will reach portfolio in the amount of $50 million in the nearest future. Though authorized capital of the company hits 5 million manat, we intend to reach this portfolio owing to financing of IDB head office, Nagiyev said.
Form of financing of the bank depends on activity of leasing company for the moment of financial resources drawing, he said.
"It can be via principle of financing through the Murabaha contract (type of Islamic financing envisaging conclusion of the agreement on purchase and resale) or via leasing support. But there were not discussions with the bank on this regards," Ansar Leasing director general said.
Company intends to bring leasing portfolio up to $7-8 million by late 2009.
Company announced about launching of commercial activity on June 29. Pre-payment on leasing projects will be launched from 20 percent in accordance with terms of Ansar Leasing. Term of leasing hits 12-72 months. Operations will be held in U.S dollars.
The Azerbaijani ministry of taxes registered Azerbaijani leasing company OJSC (Ansar Leasing trade mark) in accordance with single window principle on December 12, 2008.
Company is the most capitalized one of leasing organizations of the country given level of capital.
Islamic Development Bank is the international financial organization. Its major aim is to render aid to economic development and social progress of members-countries and Muslim communities in countries that are not IDB members in accordance with principles of Islamic Sharia.
Islamic Development Bank was established on October 20, 1975. IDB headquarter is situated in Jeddah (the Kingdom of Saudi Arabia), regional offices in Rabata (Marocco), Kuala-Lumpur (Malaysia). IDB has representation in Almaty. Islamic Corporation for the Development of the Private Sector has been operating since 2000.
On June 30, the official exchange rate is 0.8041 manat to $1.
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