Azerbaijan signs first two leasing agreements upon Sharia principles
Azerbaijan, Baku, October 13 / Trend U. Ismayilova /
Azerbaijani leasing company Ansar Leasing Company founded by Islamic Corporation for the Development of the Private Sector (ICD enters IDB group) has concluded the first two agreements worth $0.2 million, director general of the company Jeyhun Nagiyev said.
He said that one of the projects is directed to financing of leasing operation in transport, the other one - services for society.
He said that the company considers proposals to finance leasing transactions in agrarian sphere, light industry, etc.
"Company intends to bring leasing portfolio up to $5 million by late 2009," Nagiyev said.
The company will cover agriculture, construction, health at the initial stage of its activity. It plans to finance transport vehicles, industrial equipment and commercial real estate in long-term prospect.
The company's authorized capital hits 5 million manat.
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 October 13, the official exchange rate is 0.8032 manat to $1.
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