(Source: A.Akhundov Trend News Agency, Baku, Azerbaijan) – 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 increase portfolio up to $22 million in 2012, Ceyhun Naghiyev, company’s CEO, told Trend on Tuesday.
“In 2012 it is planned to increase portfolio up to $20-22 million. Currently we have portfolio worth $15 million,” he said.
He said main directions of work in 2012 will remain the same as it was in 2011.
“These are leasing of real estate, vehicles, construction machinery, various types of equipment, that is, portfolio will be diversified,” Mr Naghiev said.
The company collected $8 million as of late 2010. The company started its activity in late June 2009 and signed first contracts – in October, 2009.
“Currently Ansar Leasing has around 350 valid contracts”, Naghiev said.
Majority of the portfolio accounts for leasing of real estate, vehicles, construction machinery, equipment, etc., Mr Naghiev said.
“In the future share of real estate leasing in the company’s portfolio will increase, because it is less risky direction,” he said.
In terms of capital (five million manat), the company is already the most capitalized leasing institution of the country.
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 .
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Source: A.Akhundov Trend News Agency, Baku, Azerbaijan