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First NBCO with pledge right created in Azerbaijan

Business Materials 5 May 2011 15:19

Azerbaijan, Baku, May 5 / Trend N.Ismayilova /

The Azerbaijani Tax Ministry has registered the IDK non-banking credit organization in April through the "single window" system, the ministry reported.

The founder is Aliyar Askerov, who is the company representative. The structure was registered for commercial activities on April 21. The authorized capital of NBCO is 300,000 manat.

Based on the Central Bank of Azerbaijan's rules designed on the basis of a new law on "Non-Bank Credit Institutions," the minimum statutory capital requirement for NBCOs having the right to receive pledge contribution for a loan is estimated at 300,000 manat, and for credit institutions without this right - 30, 000 manat.

IDK become the first NBCO to receive the CBA license with the right to receive pledge contribution for a loan after the law came into force in 2010.

The official exchange rate is 0.7912 manat to $1 on May 5.

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