Azerbaijan, Baku, Dec 13 /Trend A.Akhundov/
Azerbaijani leasing company Ansar Leasing, established by the Islamic Corporation for Private Sector Development (ICD, is part of the Islamic Development Bank) will increase its portfolio to $15 million, CEO Jeyhun Nagiyev told Trend.
Nagiyev noted that the volume of fees amounted to $8 million at the end of 2010.The company started its activities in late June 2009, and at the conclusion of the first contracts in October of 2010.
"The company has about 350 active contracts," Nagiyev said.
Nagiyev noted that the most of the portfolio falls on the leasing of real estate, vehicles, construction machinery, equipment and other.
"In the future, the company's portfolio will increase the share of real estate leasing, because it is less risky direction," Nagiyev said.
Director of ICD asset on management and advisory work Hisham Nazih Al-Nasser said last week that the corporation plans to increase funding of Ansar Leasing. It is included in the ICD plans for 2012.
In terms of capital (five million manat), the company is already the most capitalized leasing institutions of the country. Ansar Leasing will maintain its leadership as a result of the completion of its founder.
The only founder of the company is the Islamic Corporation for Development of the private sector, which has invested 60 million manat in Azerbaijani economy. During its activity in Azerbaijan, ICD has established work with eight banks providing loans to the International Bank of Azerbaijan, Rabita Bank, UniBank, Standard Bank, Turan Bank, etc. Currently, the corporation plans to expand its portfolio in the country by $40 million.
In addition, ICD has invested in the country through its subsidiary Caspian International Investment Company
Islamic Corporation for Private Sector Development was established by the Board of Directors of the IDB in the 24th annual meeting of the Bank, held in Jeddah in 1999. The head office is located in the ICD Jeddah (Saudi Arabia). The mandate of ICD is to support economic development in member countries through private sector development by providing finance for private sector projects in accordance with the principles of Shariah.
Islamic Corporation for Development of the private sector is advising governments and private organizations to facilitate the creation, expansion and modernization of private enterprises.
IDB was established on October 20, 1975. Its headquarters are in Jeddah, the regional offices are in Rabat (Morocco), Kuala Lumpur (Malaysia). IDB has a representative office in Almaty.