ICD leasing company increases portfolio in 10 times in Azerbaijan
Azerbaijan, Baku, August 12 / Trend, I. Khalilova /
Portfolio of the Azerbaijani leasing company Ansar Leasing Company founded by Islamic Corporation for the Development of the Private Sector (ICD enters IDB group) has increased since early 2010 in 10 times amounting to $3 million. The company started its work in late June 2009, and conclusion of the first contracts - in October.
"So far, 70 lease contracts have been signed," Company CEO Jeyhun Nagiyev said.
According to him, as a result of activities in 2010, the company plans to bring its portfolio to $8 million. He said expansion of operations is envisaged at the expense of Ansar Leasing's founder- ICD, which is ready to provide financial support to the leasing company.
According to Nagiyev, today the company continues to finance leasing operations in areas such as construction, medicine, services, leasing of vehicles, real estate. According to Ansar Leasing Company's terms, prepayments on leasing projects start from 20 percent with the lease period of 12-72 months, the operations are conducted in dollars.
The company is the most capitalized company from the country's leasing structures in terms of capital (5 million manat). The company's plans don't include increase in capital.
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. The company launched its activity from late June in 2009.
So far, ICD has invested $60 million in the Azerbaijani economy. During its activity in Azerbaijan, ICD has been working with eight banks and has also provided loans to the International Bank of Azerbaijan, Rabita Bank, UniBank, Standard Bank, Turan Bank and etc.
In addition, the corporation has invested five million manat through its subsidiaries - Caspian International Investment Company (CIIC), a leasing company Ansar Leasing. So far, 23 million manats of the company' announced amount of capital investment worth $70 million has been paid. Of these, 17 million manats come from foreign investors.
For foreign investors, the company includes the Kuwait Investment Company Hares Group, the investment company Yemeni Al Ahmar Group, Sudanese MAM Group, Dubai TANMIYAT Group, as well as the Islamic Development Bank.The corporation is likely to enter the country' insurance market.
ICD was founded in 1999 and it is located in Jeddah. The Islamic Corporation for the Development of the Private Sector was established by the IDB. ICD's head office is located in Jeddah, Saudi Arabia.
The ICD supports economic development in member countries through promotion of private sector development. The Islamic Corporation for the Development of the Private Sector also advises governments and private organizations to facilitate the creation, expansion and modernization of private enterprises.
IDB was founded Oct. 20, 1975. Its head office is located in Jeddah, Saudi Arabia. It has regional offices in Rabat (Morocco), Kuala Lumpur (Malaysia). IDB has a representative office in Almaty.
Aug.12, official exchange rate is 0.8037 manat to $1.