Azerbaijani insurance company becomes AMF agent
Azerbaijan, Baku, April 7 / Trend, N.Ismayilova /
The PASHA Heyat Sıgorta insurance company has become an authorized agent of the Azerbaijan Mortgage Fund (AMF) under the National Central Bank, the Fund said.
Thus, the number of agents under the AMF insurance companies has reached 18. PASHA Holding is the founder of PASHA Heyat, which has been operational since Feb.14, 2011. The company's official capital hit 7 million manat.
AMF was established as a PSE in September 2005 in Azerbaijan by presidential decree. Its charter was approved by a separate presidential decree in December 2005. AMF's main purpose is to create funding mechanisms which would endorse home ownership to Azerbaijani citizens through long-term financing. It also aims to draw domestic and foreign investment toward mortgage financing.
At present, AMF's authorized agents are 22 banks, 18 insurance companies and 12 appraisal organizations.
The official exchange rate is 0.7923 manat to $1 on April 7.