Baku to host presentation of Islamic principals of financing
Azerbaijan, Baku, Jul.22 Trend U.Ismayilova /
The Kuwaiti-Azerbaijani Investment Company (KAIC) intends to hold presentation of its conception in September, the KAIC Director General Riad Gasimov said.
Presentation of the company's conception which is under development at the moment, will be organized for local business-circles, Gasimov added.
The company will introduce its opportunities to entrepreneurs and particularly, will speak about the Islamic principals of financing, which are specified in the conception, Gasimov said.
"We would like the entrepreneurs to appeal us with their projects not only for analysis and financing, but for their improvement," Gasimov said.
KAIC was founded by the Azerbaijani Investment Company (AIC) and subsidiary of the Kuwait Finance House - Turcapital.
The AIC holds 25 percent and Turcapital HOLDİNG (Bahrain) holds the rest 75 percent of shares under the contract. KAIC was registered with primary capital worth 410,000 manat.
The capital will be gradually increased to $20 million which will be distributed between the shareholders in line with their shares within two years.
KAIC will draw foreign investments and finance projects of domestic entrepreneurs
The joint venture of AIC and KFH is formed in accordance with a memorandum, signed in May 2007. Joint investment projects will be implemented through the JV in Azerbaijan.
Islamic organizations are always interested in projects on agriculture, infrastructure, logistics and transportation. Therefore, it is planned to work with the Kuwait Finance House in these directions. Initially, projects in commercial real estate and forming refrigerator stores were submitted to the Kuwait House for consideration.
The AIC intends to partake in the projects as a minority shareholder and major assets will come to Azerbaijan from a foreign investor
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