Azerbaijani leasing company to gain profit first in 2011

Business Materials 7 May 2011 17:08 (UTC +04:00)

Azerbaijan, Baku, May 7 / Trend I. Khalilova /

Azerbaijani Leasing Company Ansar Leasing, established by the Islamic Corporation for Development of Private Sector (ICD, a member of the Islamic Development Bank), plans to complete the year with a profit for the first time after establishment, the company's director general Jeyhun Nagiyev told Trend.

"At present, the company has already earned 200,000 manat," he said. As of the year, it is expected to reach a profit of 800,000 manat."
He said that these funds will be directed to form the reserve fund of the company, payment of dividends and development of the company.

"We have entered the market when it was empty," he said. "The key players suspended their activity. Today, the leasing market in the country once again began to develop, making it necessary to further develop the company."

The company started its activity in late June 2009. The first contracts were concluded in October 2009.

"Today, the company has 200 contracts," he said.

He said that about 20 percent of Ansar Leasing's portfolio fall to real estate leasing, 20 percent - vehicles, 20 percent - construction equipment, 20 percent - equipment, 20 percent - other.

In the future, the company's portfolio will increase the share of real estate leasing, as it is less risky direction, he said.

He said that the company has no plans to change the authorized capital and the staff of founders.

" The company is the most capitalized organizations of the leasing ones of the country in terms of capital (5 million manat or $6.2 million)," the head of Ansar Leasing said.

On December 12, 2008, Azerbaijan Taxes Ministry issued a state registration to Azerbaijani Leasing Company (trademark Ansar Leasing) via a single window principle. The only founder is Islamic Corporation. Ansar Leasing has been operating since June 29, 2009.

The 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.
The 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.

Islamic Development Bank was established on October 20, 1975. IDB headquarter is situated in Jeddah (the Kingdom of Saudi Arabia), regional offices in Rabata (Marocco), Kuala-Lumpur (Malaysia). IDB has representation in Almaty.
The official exchange rate is 0.7912 manat to $1.