A leasing company founded by Islamic Corporation for the Development of the Private Sector (ICD) has announced the beginning of its work on Islamic principles in Azerbaijan.
Company’s general director Jeyhun Nagiyev says that registered as Azerbaijan Leasing Company they will operate under trademark Ansar Leasing.
“Ansar translated from Arab means “helper”, “protector”. Besides, there is religious meaning of this word. ICD established this leasing company in Azerbaijan for the purpose to invest in private business entities in Islamic countries in accordance with shariat principles. Company’s current capital makes now AZN 5 million that will allow it participation in financing for large projects,” Nagiyev said.
Ansar Leasing’s pre-payment on leasing project will begin from 20% and leasing period is 12-72 months.
“At primary stage key directions of its financing will be projects in the area of agriculture, construction, and healthcare and in the prospect – motor transportation vehicles,” Nagiyev said.
The Ministry of Taxes conducted state registration of Azerbaijan Leasing Company with charter capital of AZN 5 million on one-stop shop principle on 12 December 2008. The ICD is its only founder shareholder.
The Company has one of the biggest charter capitals among its leasing counterparts in Azerbaijan.
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