Azerbaijani Islamic Leasing Company not to precipitate to enter real estate market
Azerbaijan, Baku, Jan. 15 / Trend U.Ismayilova /
Leasing portfolio of the Azerbaijani leasing company Ansar Leasing Company founded by Islamic Corporation for the Development of the Private Sector (ICD enters IDB group) hit $500,000, company General director Jeyhun Nagiyev
The company launched its activity from late June in 2009.
The first contracts were signed in October
"The company has signed ten leasing agreements so far," Nagiyev added
"Company intends to bring leasing portfolio up to $15 million by late 2010," Nagiyev said.
The company is covering agriculture, light industry, service and transport vehicles leasing. Pre-payment on leasing projects will be launched from 20 percent in accordance with terms of leasing from 12 to 72 months. Operations will be done in U.S dollars
"The company does not plan to finance leasing purchases of commercial real estate due to instability of the country's property market and the risks in this segment," Nagiyev said
The company planned to apply this leasing type in 2009
"In any case, the property leasing operations are not designed for such a long period, as in mortgage lending. Property will be transferred to leasing from one year to seven years as the loan contract stipulates," Nagiyev said
The Azerbaijani ministry of taxes registered Azerbaijani leasing company OJSC (Ansar Leasing trade mark) in accordance with single window principle on December 12, 2008.
The company is the most capitalized one of leasing organizations of the country given level of capital.