Portfolio of ICD leasing company increases by 69.5 percent
Azerbaijan, Baku, July 30 /Trend A.Hasanov/
The loan portfolio of the Azerbaijani company Ansar Leasing, established by the Islamic Corporation for Private Sector Development (ICD), now stands at 20 million manat, increasing by 69.5 percent since the beginning of the year, the company said on Monday.
"Customers are attracted by the fact that our company conducts its activities in accordance with all requirements of Islamic finance law. Experts of IDB provide legal support to us," CEO Jeyhun Nagiyev said.
Leasing contracts are concluded for six years. The client pays approximately 20-25 percent of the cost for the lease as a first lease fee. Services are carried out in two directions - for corporate clients and individuals.
"The authorized capital amounts to five million manat, which is the highest among leasing companies operating in the territory of Azerbaijan" the report says.
Azərbaycan Lizinq created by the Islamic Corporation for Development of the Private Sector (ICD) engaged in leasing activities under the brand name Ansar Leasing for three years. During this time, the company Ansar Leasing examined more than 450 projects in various sectors of the economy, provided funding for production facilities, vehicles, equipment for construction and medical sectors, and real estate.
The Islamic Development Bank (IDB) was established in 1975. The Islamic Development Bank's authorized capital increased 15 times, from two billion Islamic Dinars (Islamic Dinar is IDB unit IDB. That is equivalent to one Special Drawing Right of the International Monetary Fund) to 30 billion Islamic dinars.
Official exchange rate on July 30 is 0.7856 AZN/USD