Azerbaijan’s largest leasing company to sell Islamic products

Business Materials 14 November 2013 17:55 (UTC +04:00)

Baku, Azerbaijan, Nov. 14

By Emin Aliyev - Trend:

Azerbaijan's largest leasing company 'Joint Leasing' will begin a joint project with the Islamic Banking Department of the International Bank of Azerbaijan (IBA) by late 2013, Joint Leasing Director General Elchin Ahmadov said at a press conference today.

"A decision was made for the Islamic leasing products to be offered through Joint Leasing, but provided with IBA department's resources," he said. "Therefore Joint Leasing and IBA decided to diversify its activity in this sphere."

According to him, all technical issues have been resolved. The project will cost four million manat.

"I hope the relevant cooperation agreement will be signed this month," he said.

The first and the only 'Islamic window' in Azerbaijan operates at the International Bank of Azerbaijan (IBA). It offers products of the Islamic banking system to customers.
IBA signed an agreement worth $20 million in 2012 with the Islamic Corporation for the Development of the Private Sector (ICD) on 'Murabaha', as well as a big deal worth of $100 million with several UAE banks on attracting syndicated Murabaha.

Joint Leasing Company JSC began functioning on June 14, 2007, as a legal successor of the Azerilizing Company. The founders are the British DH Leasing LTD company (52.3 per cent) and the International Bank of Azerbaijan.

The Azerbaijani first leasing company Azerlizing joint venture was established in 1999.
The International Bank of Azerbaijan was founded in January 1992 and is the largest in the country. The bank's main shareholder is the Azerbaijani government which owns a 50.2 per cent share with a 49.8 per cent share owned by private individuals and legal entities.