Azerbaijan sets up first Islamic insurance company
Baku, Fineko/abc.az. Islamic Corporation for Development of the Private Sector (ICD) is developing its operations in Azerbaijan.
At the IV Baku International Banking Conference Hisham Nazih Al-Nasser, ICD director for assets management and advisory work, has claimed that currently the ICD was working on a project of first Islamic insurance company Kaufad in Azerbaijan.
"The Corporation is also ready to offer a special line for development of leasing company Ansar Leasing,” Mr. Al-Nasser said.
Ansar Leasing is wholly owned by the Islamic Development Corporation.
"The leasing company also has plans on equity capital increase," Mr. Al-Nasser said.
Currently leasing portfolio of Ansar Leasing is about 12 million manat, and it has plans to increase the portfolio up to $50 million.
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