Baku, Azerbaijan, Nov. 15
By Emin Aliyev - Trend: Azerbaijani company Joint Leasing will conclude the first corporate Islamic leasing agreement next week, Director of the Islamic Banking Department of the International Bank of Azerbaijan (IBA), Behnam Gurbanzade said on Nov. 15.
It should be noted that the IBA is one of the founders of the Joint Leasing.
The Director General of the company Elchin Ahmadov said yesterday that the project will cost four million manats.
The 'Islamic window' - first and only in Azerbaijan - is operating at the IBA. It offers customers Islamic banking products. The bank is developing projects to attract investments in the country from the Islamic financial markets.
In 2012, the IBA signed a $20 million agreement with the Islamic Corporation for the Development of the Private Sector (ICD) on 'Murabaha', as well as a large $100 million deal with several UAE banks on attracting syndicated Murabaha.
Joint Leasing has been operating since June 14, 2007 as the legal successor of the JV Azerlizing company. The founders of the Joint Leasing are the British company Dolphin Leasing (52.3 per cent) and the International Bank of Azerbaijan. First Leasing Company of Azerbaijan, JV Azerlizing was created 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 of share owned by private individuals and legal entities.
The official exchange rate for Nov. 15 is 0.7844 AZN/USD.