Azerbaijani leasing company plans to double its portfolio

Azerbaijan, Baku, April 18/Trend, A. Akhundov

Ansar Leasing, an Azerbaijani leasing company established by the Islamic Corporation for Development (ICD joins the group of the Islamic Bank for Development), plans to increase its portfolio up to $16 million-$17 million before the end of 2011, Ansar Leasing Director General Jeyhun Nagiyev told Trend on Monday.

As of the end of 2010, the company's premiums were equivalent to $8 million. The company began to operate at the end of June 2009 and concluded early contracts in October of the same year, according to him.

"At the moment, the company has some 200 contracts under operation", said Nagiyev.

Of the company's portfolio, real estates leasing, motor vehicles leasing, construction engineering leasing, equipment leasing, and the leasing of all the rest cover 20 percent each, according to him.

"The share of real estates leasing will be growing in a future portfolio of the company as a less risky direction", Nagiyev said.

According to him, Ansar Leasing still has no plans of changing its statutory capital or the composition of founders. In terms of its capital - 5 million manat - the company is one of the most capitalized leasing firms of the country.

Its only founder is the Islamic Corporation for Development, which has so far invested about 60 million manat in the economy of Azerbaijan. Over the period of its work in Azerbaijan, the ICD has established cooperation with eight banks through having assigned credits to the International Bank of Azerbaijan, Rabita Bank, UniBank, Standard Bank, Turan Bank. Currently, the ICD plans to expand its portfolio on Azerbaijan by another $40 million.

Besides, the ICD invested in Azerbaijan through its daughter company, the Caspian International Investment Company (CIIC).

The Islamic Corporation for Development was established by the IBD Executive Board at the sidelines of its 24th annual meeting in Jeddah in 1999. The ICD head office is located in Jeddah, Saudi Arabia. The ICD is specialized in the provision of support to the economic development to its member states through the financing of private sector projects in conformity with the Sharia principles. The ICD also consults governments and private organizations to help them establish, expand and upgrade private enterprises.

The IBD was established on October 20, 1975. It is headquartered in Jeddah and has regional offices in Rabat, Morocco and Kuala-Lumpur, Malaysia. The IBD also has a representation in Almaty, Kazakhstan.

The official exchange rate on April 18 is 0.7917 AZN/USD.

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