Azerbaijan, Baku, Jan.10 / Trend, A.Akhundov /
Azerbaijani leasing company Ansar Leasing, founded by the Islamic Corporation for the Development of the Private Sector (ICD, included in the Islamic Development Bank), plans to attract about $6-7 million from its founder in 2012, the CEO Ceyhun Naghiev told Trend on Tuesday.
We intend to attract about $6-7 million from the ICD this year. These funds will be allocated as loans, but not for increasing capital of the leasing company, which is not expected this year," Mr Naghiev said.
In terms of capital (five million manat), the company is already the most capitalized leasing agency of the country.
In addition to this the company plans to start issue of sukuk Islamic bonds in Azerbaijan in 2012, Mr Naghiev said.
"We prepare a new product, which will meet requirements of our legislation, as well as Islamic financing. Sukuk product will meet Azerbaijani realities," he said.
He said the volume of bonds emission will depend on the volume of funds planned to be attracted from the ICD.
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 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.
The official exchange rate is 0.7863 manat to $1 on Jan.10.