Baku, Fineko/abc.az. Joint Leasing and OJSC International Bank of Azerbaijan (IBA) begin providing Islamic leasing services.
IBA Islamic Finance Department’s head Behnam Gurbanzadeh says that already next week it could be announced about the conclusion of an agreement with the first corporate client on Islamic leasing to be provided by the IBA and Joint Leasing.
“All the decisions necessary for that have already been taken by the Bank’s management,” Gurbanzadeh said.
A day before Company’s CEO Elchin Ahmadov stated that before the end of November, JL and the IBA Islamic Banking Department would sign an agreement on cooperation and introduce Islamic leasing into their practice.
“At primary stage speech is about the volume of transactions in the amount of AZN 4 million. Our collaboration with the Bank’s Department is linked with the desire to optimize the performance of the Company and the IBA to provide Islamic financial services. On the one hand, JL will register leasing contracts, which the IBA Department could conclude, and on the other hand, we’ll offer our new product for the market. In the prospect, we’ll increase Islamic leasing not only in partnership with the IBA, but also with foreign Islamic financial institutions,” Ahmadov said.
Currently only company Ansar Leasing, established by the Islamic Corporation for the Development of the Private Sector, renders Islamic leasing services in the country.
*This article was published by ABC.az. Read the original article here.