Uzbekistan, Tashkent, April 29/ Trend, D. Azizov /
The Islamic Corporation for the Development of Private Sector (ICD, a structural unit of the Islamic Development Bank) has founded a leasing company called "Taiba Leasing" in Uzbekistan, with an authorized capital of $5 million, the company's CEO Nadir Kholmatov said at the presentation on Thursday.
The company "Taiba Leasing" is a fully owned subsidiary of the ICD.
Kholmatov said that the company has been created to provide a wide range of export-oriented leasing services, with a high level of production localization to private companies in Uzbekistan for all types of property, in accordance with the rules of Islamic financing.
The company plans to offer all types of equipment, valued from $10,000 to $300,000, excluding equipment for the production of tobacco, alcohol, military products and gaming.
The equipment will be leased for a term of one to four years with a rate of income (margin) of the leasing company set to 15 percent per annum, and a grace period of six months.
According to the Association of Lessors of Uzbekistan, in 2010, 1,986 lessors operated on the leasing market of the republic, including 50 leasing companies, 21 banks and 15 companies in which leasing is not a primary activity.
In 2010 the total volume of leasing operations in Uzbekistan increased by 7.2 percent compared to 2009, to 430.4 billion soums; the volume of the leasing market increased by 1.2 percent, to 1.135 trillion soums.
The Islamic Corporation for Private Sector Development was established in November 1999. The main products and services of the corporation are direct financing, asset management, structured financing and consultancy of the private sector in all sectors of the economy.
Uzbekistan became the ICD member in 2004. The Uzbek government has entrusted depositary functions, in which the ICD can keep its assets, to the National Bank of Foreign Trade.